PHOENIX—OliverMcMillan, a boutique real estate developer, has broken ground on SALT, a four-story, 265-unit, class A apartment community in Tempe.

Eric Buchanan, managing director with OliverMcMillan, tells GlobeSt.com, “We acquired the property from Sunbelt Holdings a few years ago and never had any intention of selling the project—it was always contemplated as apartments. Tempe's original master plan called for two more condo towers. Waterftont property in the Valley is limited and unique and this area offers that true live/work/play lifestyle with walkability. We're excited about the revamp of Sun Devil Stadium and the streetcar which will run from Mill to the Cub's facility. With the design, we tried to do something that hasn't been done before—you'll see a lot of blues and greens to complement the waterfront.”

The development will feature studio, 1, 2, and 3 bedroom living spaces. Residents will have boutique resort style amenities with two pools, spa, yoga lawn, poolside cabanas, multiple outdoor barbeque areas, lush landscaping, and direct frontage on Tempe Town Lake. The community also includes a large gym complete with cardio equipment, free weights and resistance training equipment, a media room, and a spacious social room. SALT (formerly the Lofts@Hayden Ferry) is slated to open in early 2016.