Final design decisions and issues such as rents have yet to be decided, he says.Located at 701 W. Fifth St., the property is on the south side of Fifth, between Rio Grande and West Avenue and backs up to Shoal Creek. That puts it just west of Post Properties Inc.'s 239-unit Post West Avenue complex.

Post West and the Phoenix project offer an apartment alternative to the new additions to the Downtown residential mix that leans heavily toward the loft-condominium side. Lynch says the strong showing of the Post property, which was fully leased when it opened earlier this year, indicates that renters want Downtown apartments that aren't at the tip-top of the high end.

"Post opened their apartment across the creek from us and their rent's been pretty strong," Lynch says. "And, with the lack of other Downtown apartment complexes that are new, and based on the current type of apartments that people build are upscale, we feel that these will do great."