Downtown Phoenix is welcoming a new design-forward multifamily residential development called Ray Phoenix. The architectural masterpiece recently secured $120 million in construction funds from JLL Capital Markets who worked on behalf of the borrower, VeLa Development Partners and Ray to secure the loan through an affiliate of RXR Realty Investments.
The design-forward development is backed by renowned art collector Dasha Zhukova, whose vision for the property is to be an art- and culture-focused community. Local spaces, such as Arcosanti, helped inspire the project, as well as modern architecture classics, such as the work of Mexican architect Luis Barragán.
“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,” says Will Kluczkowski, head of real estate at Ray. “We look forward to contributing to the neighborhood’s existing reputation as an arts destination.”
Designed by world-renowned architectural firm Johnston Marklee & Associates, in partnership with Lamar Johnson Collaborative, and with interiors designed by Parts and Labor Design and Ray’s in-house design team and landscape design by Grace Fuller Design, the external color scheme of the property is a colorful pastel pink and green to combine contemporary architecture and art in a housing scheme. The architecture of the building spotlights Ariozna’s rich architectural history and desert landscape climate.
Towering 26 stories, the new development will encompass approximately 523,000 square feet and 401 residential units. Among the 401 units, 193 are studios, 116 are one-bedrooms and 92 are two-bedrooms. Clayco, a full-service design-build construction firm, broke ground on the project in May.
“As the Phoenix MSA continues to expand its multifamily options to support the growth of the region, Ray Phoenix will stand out as an exceptional property with a great deal to contribute to the rapidly evolving downtown,” says JLL Capital Markets Senior Managing Director Michael Gigliotti. “The highly differentiated unit options will provide renters with residential experience that has not yet been available in Phoenix.”
Ray Phoenix will offer luxurious amenities and artistic spaces. The property will include duplex and penthouse units that feature floor-to-ceiling windows, custom cabinetry, luxury flooring and bathroom tile. Over 20,000 square feet of amenity space will host an expansive fitness center, a yoga studio, an outdoor resort-style pool, a spacious communal kitchen, a fireplace lounge, dog wash stations, a theater experience, gardens, workspaces and more.
Ray Phoenix will be located at 777 N. Central Ave. right by the Valley Metro light rail and less than a mile north of the Footprint Center and Chase Field. The 30-acre Phoenix Biomedical Campus and Arizona State University’s 28-acre downtown campus will also be nearby.
Ray Phoenix is pre-leasing now and will welcome residents in spring 2026. Learn more at rayphoenix.place.
Renderings courtesy Ray Phoenix
