PHOENIX – (BUSINESS WIRE) – Jan. July 2021 – Real estate development company Hubbard Street Group and capital partner Cresset Real Estate Partners broke ground today for a new multi-family project in Phoenix. Located on the southeast corner of 6th Street and Garfield Street in the Roosevelt Row Arts District, the new Skye on 6th development project will include 309 units on 26 floors with approximately 6,500 square feet of retail space on the ground floor. The project will be LEED certified and expected to be completed in summer 2023. This press release contains multimedia. View the full press release here: https://www.businesswire.com/news/home/20210727005800/en/ Skye on the 6th, a new 26 story apartment building in a casual zone in Phoenix. (Photo: Business Wire) “We believe that on the 6th, Skye will establish a new standard of modern luxury living in and adjacent to Phoenix with a wellness-centric approach, efficiently designed units and extensive offerings in the heart of the emerging Roosevelt Row Arts District the Phoenix Biomedical Campus, ”said Kage Brown, Managing Partner & Chief Investment Officer, Hubbard Street Group. “We are extremely optimistic about the Phoenix market and look forward to building a local presence with Skye on June 6th.” “Phoenix is an incredible market and we look forward to treading the ground on this new project,” said Avy Stein , Founder of Cresset and co-chair. “We’ve been investing in opportunity zones since day one and Skye on the 6th caught our eye immediately. The area is changing rapidly, attracting young renters from across the country. It is located near several transportation hubs and is surrounded by a growing and diverse group of employers, from cutting edge medical facilities to universities to a large presence of legal and financial services and an emerging tech community. We think Phoenix is a great place to live and work with endless potential. ”Additional facts about Skye on the 6th floor: The floor plans include studio, one-, two-bedroom and penthouse units on the top floor Amenities include a pool deck with deck cabanas, state-of-the-art fitness center, yoga studio, steam bath and sauna, co-working area, outdoor terrace, dog run, party room, chef’s kitchen for animators, package storage room, bicycle storage room, indoor parking and lockers. Located on Roosevelt Row – one highly sought after entertainment, arts, retail and restaurant scenes. Adjacent to the expanding Phoenix Biomedical campus as well as the growing presence of the University of Arizona Medical School campus. Close to highways, light rail, airport and several office submarkets. One of only six types – I high-rise apartment buildings in Phoenix. Shepley Bulfinch is the architect and Clayco is the general contractor. ABOUT CRESSET REAL ESTA TE PAR TNERSCresset Partners, led by private equity entrepreneurs Avy Stein and Eric Becker, partnered with Diversified Real Estate Capital, led by Larry Levy, to create Cresset Diversified Real Estate, a joint venture partnership that focuses on core real estate development investments in Qualified Opportunity Zones. Cresset Diversified Real Estate recently restructured and founded Cresset Real Estate Partners. Cresset Real Estate Partners was founded by a team of real estate entrepreneurs and manages a rapidly growing real estate portfolio currently valued at over $ 3 billion on behalf of institutional and family office investors. Cresset Real Estate Partners is currently launching the Cresset Diversified QOZ Fund II. targeting opportunity zone projects with the potential for substantial risk-adjusted, tax-deferred returns. Fund II recently closed its first deal – two apartment buildings in the Seattle metropolitan area – with one contract under contract and another contract under LOI. Previously, the Cresset Diversified partnership launched its first fund, Cresset Diversified QOZ Fund I, in December 2018 and raised $ 465 million to invest in seven institutional projects in prime markets across the country. ** The content of this document may not be used as the basis for an investment decision and is not a recommendation or an invitation to subscribe for, buy or sell any securities, including the fund mentioned here. ABOUT HUBBARD STREET GROUP Founded in 2016 by real estate veteran John McLinden, Hubbard Street Group (formerly Centrum Partners, founded in 1980) is a Chicago-based real estate investment and development firm passionate about developing residential, retail and office developments with a focus on urban infill locations. . HSG’s principals have extensive national development experience with over 12.5 million sf developed, over 5,000 residential units and over $ 3 billion in total capitalization for these projects. Visit www.hubbardstreetgroup.com for more information. View source version on businesswire.com: https://www.businesswire.com/news/home/20210727005800/en/ CONTACT: Andrew HealyWater & Wallandrew@waterandwall.com516-554-2268KEYWORD : UNITED STATES NORTH AMERICA ARIZONAINDUSTRY KEYWORD: BANKING ARCHITECTURE PROFESSIONAL SERVICES OTHER CONSTRUCTION & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY: 27.07 / 27/2021 10:21 URB .businesswire.com / news / home / 20210727005800 / en Copyright Business Wire 2021.
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