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$250M Residential Towers To Neighbor Art Museum

PHOENIX-Southwest Development pays $7 million for a 1.56-acre tract beside the museum. The developer is planning two 46-story towers with up to 800 residences.

By John McCloud | Updated on January 16, 2008

(Read more on the multifamily market.)

PHOENIX-SW Central LLC, a company formed by the locally based Southwest Development Group, has paid $7 million for a site in the Central Avenue Corridor to develop two 46-story residential condominium towers. The 1.56-acre property abuts the Phoenix Museum of Art.

According to Southwest Development managing partner Beau Woodring, the company will spend upward of $250 million to build the project, which will have 700 to 800 units. The buildings will be named Museum Towers for their location adjacent to the museum. The site is near the southeast corner of Central Avenue and McDowell Road.

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