Chicago-based LG Group has purchased a 2-acre block in downtown Phoenix for $22 million and begun construction on a 29-story residential tower. The tower will total 1.4 million square feet with 747 units and nearly 30,000 square feet of retail space. Amenities will include an outdoor lounge, kitchen, cabanas, spa, fitness turf area, half-court basketball, water features, the largest multifamily swimming pool in Phoenix, a dog park, and rooftop greenery. The project is expected to be completed by 2024 and cost just under $300 million. The development is part of a larger trend of increasing multifamily development in the Phoenix metro area.
