PHOENIX, AZ Transwestern Development Co. and its co-investor Allstate announces the acquisition of a 3.2-acre site at 1314 N. Third St. in Phoenix, Arizona, where they plan to develop a 345-unit multifamily community. The project, tentatively called City Center on the Park, is scheduled to break ground in March 2017 with the first units expected to deliver in the summer of 2018.

"We are very excited to work on City Center on the Park and be an active part in the revitalization of downtown Phoenix," said Brendan O'Leary, Senior Associate with Transwestern Development Co. "The drastic increase in demand from young renters, both students and professionals, ensures this vibrant community will have consistent and robust occupancy."

Mike Moran, managing director of real estate equity at Allstate, said, "We are very excited to work with the Transwestern team on such a high-quality project. The economic growth in Phoenix has been impressive, and we continue to see strong demand for apartments with desirable amenities that are close to recreation areas, shopping and workplaces."

City Center on the Park will also include 4,000 square feet of retail and restaurant space and is within walking distance of numerous restaurants, bars and entertainment. The site is two blocks from the light rail, offering direct access to Phoenix Sky Harbor International Airport, and provides proximity to Interstate 10, State Route 51, Loop 202 and Central Avenue.

The community will consist of studios and one- and two-bedroom units, and it will have two resort-style pools, fitness center with on-site trainers and free classes, rooftop deck, professional cooking kitchen with cooking classes, and multipurpose common areas. The project will include a covered parking garage with 475 spaces and an additional 50 surface spaces.

During the past five years, downtown Phoenix has undergone a significant transformation, with more than $4 billion invested in office space, retail, restaurants, educational facilities, convention space and hotels. Growth is being spurred by an influx of millennials and the expansion of the Phoenix Biomedical Campus, which draws thousands of undergraduate and graduate programs to the area. Recent improvements to the Metro Light Rail have also increased residential demand for living in downtown Phoenix.