TWIA Commercial Property & Casualty
Clayco breaks ground on $180M Phoenix luxury tower
Jun
A $180 million luxury residential tower in Phoenix will soon transform the downtown skyline, according to a news release from Chicago-based Clayco.
The construction firm recently broke ground on Ray Phoenix, a 26-story multifamily building in Arizona’s capital city. Clayco expects completion in early 2026.
The groundbreaking marks a significant milestone for Clayco’s residential business unit, said Eric Jaegers, executive vice president at Clayco, in the release. Clayco expanded its presence in Phoenix in 2021 to accommodate the anticipated increase in regional projects.
For example, Phoenix ranked the top growth market in the U.S. for manufacturing construction, according to New York City-based real estate firm Newmark Group. That includes Intel’s $20 billion chip project in Chandler, Arizona, and TSMC’s $40 billion plant in Phoenix. Other projects in the state include massive data center builds, such as a $1.9 billion EdgeCore Digital Infrastructure campus and a $1 billion Meta data center.
The 523,000-square-foot luxury tower, developed in partnership with New York City-based residential development company Ray and Kansas City, Missouri-based development company VeLa, will house 401 upscale apartments.
The community will offer a comprehensive array of amenities, including a large fitness center, yoga studio, outdoor resort-style pool, communal kitchen, fireplace lounge, theater, dog wash stations, gardens and workspaces.
The project also includes about 4,500 square feet of ground-level retail available for lease, according to the release. The development includes public art spaces, such as a street-level art gallery and a lobby mural to reflect the cultural fabric of downtown Phoenix.
Architectural firm Johnston Marklee & Associates, in partnership with Lamar Johnson Collaborative, designed the building.
“We’re excited to contribute to the Phoenix skyline with a building whose modernist form and textured green palette will be animated by the changing light and shadows of the desert skies,” said Will Kluczkowski, head of real estate at Ray. “We look forward to contributing to the neighborhood’s existing reputation as an arts destination.”
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