The Empire Group is preparing to break ground on a $165 million luxury apartment tower just steps from the Phoenix Art Museum, marking the company’s latest move in reshaping the city’s urban skyline.
The 23-story, 328-unit tower will rise along the Central Avenue Corridor, adding another major residential project to the fast-growing midtown district. According to company leaders, the new development is designed to meet surging rental demand fueled by younger professionals delaying homeownership and a broader housing shortage across the metro area.
“Phoenix continues to show strong fundamentals for multifamily housing,” Empire Group executives said, noting that rising mortgage rates and limited inventory are keeping more residents in the rental market. The firm believes the slowdown in new construction could further tighten the supply of apartments by the end of the decade.
The project is one of several high-rise ventures Empire Group has planned or underway in Phoenix and Tempe, including other towers aimed at meeting demand for urban living near major employment centers, universities, and cultural attractions.
Empire Group’s latest investment underscores the growing confidence developers have in the Valley’s downtown neighborhoods, where a mix of arts, transit, and walkable amenities continue to attract new residents.
