GMH Communities Names Residential Buildings at Central Station in Downtown Phoenix

Rhea-AI Summary

GMH Communities has officially named two residential buildings in the Central Station mixed-use development in downtown Phoenix. The east building is named 'The Maeve Central Station' and the west building is 'ANOVA Central Station'. This luxury residential community, set to open in mid 2025, will feature:

• 22 stories of student housing at ANOVA Central Station
• 33-story high-rise accommodations at The Maeve
• 60,000 sq ft of office space
• 30,000 sq ft of retail space
• Two levels of underground parking

The development, a collaboration between GMH, CBRE Investment Management, Medistar Corp, Layton Construction, and Multistudio, aims to transform downtown Phoenix by combining living, working, and recreational spaces near public transit.

Positive

• Mixed-use development combining residential, office, and retail spaces in a prime downtown location
• Partnership with major companies like CBRE Investment Management enhances project credibility
• Strategic location near Arizona State University's Downtown Phoenix Campus
• Innovative features like bi-weekly housekeeping in select apartments at no additional charge
• Diverse housing options catering to both students and professionals

Negative

• Project completion not until mid 2025, delaying potential revenue generation
• Large-scale development may face risks of cost overruns or construction delays
• Dependence on continued strong demand for urban living and office space in downtown Phoenix

The mixed-use development, slated to open in mid 2025, will transform downtown Phoenix with apartments, student housing, office, and retail space

PHILADELPHIA, Sept. 10, 2024 /PRNewswire/ -- GMH Communities (GMH), a vertically-integrated real estate company specializing in the acquisition, development and management of exceptional living communities throughout the United States, officially named the innovative residential properties at Central Station, marking a significant milestone in the innovative mixed-use development.

Located in downtown Phoenix, this luxury residential community is comprised of two high-rise buildings overlooking an exclusive amenity deck. The east building is officially named 'The Maeve Central Station' and the west building is officially named 'ANOVA Central Station.' Both complexes are set to transform the city skyline as part of a public-private partnership. The development team includes CBRE Investment Management, Houston-based Medistar Corp, Layton Construction, and Multistudio.

Central Station establishes a new standard of living—and working—in the heart of downtown Phoenix. With the city's newest combination of activated office spaces, polished apartments and well-appointed student accommodations under one roof, ANOVA Central Station and The Maeve Central Station create a comprehensive living environment where professionals and students can work, learn, live, play and thrive.

"The naming of Central Station's multifamily dwellings is the latest milestone for GMH's Residential and Innovative Living verticals," said Gary Holloway Jr., Chief Executive Officer and President, GMH Communities. "GMH is excited to bring apartment living that focuses on community, accessibility and innovation to the City of Phoenix. ANOVA Central Station and The Maeve Central Station provide unparalleled service, exceptional amenities and a best-in-class management team to ensure Phoenix residents have all their needs met in one place."

Accommodations at the one-million square foot Central Station development consist of 22 stories of furnished and unfurnished student housing at ANOVA Central Station, 33-story high-rise accommodations at The Maeve, and 60,000 square feet of state-of-the-art flexible, creative office space, two levels of underground parking and 30,000 square feet of divisible retail space. Pedestrian-friendly green spaces and walking paths surround Central Station, where transportation, lifestyle and community come together in the prime location of Phoenix's primary Greg Stanton Central Station hub, addressing the city's desire for top-notch housing near public transit.

ANOVA Central Station is the newest addition to GMH's Innovative Living portfolio, offering modern residential communities tailored to the needs of professionals and students across various academic disciplines. Conveniently located in the heart of Arizona State University's Downtown Phoenix Campus and featuring options ranging from micro unit studios to four-bedroom units, ANOVA Central Station is positioned to meet the unique needs of urban residents by offering both furnished and unfurnished apartment homes, along with flexible co-living opportunities. Thoughtfully designed to accommodate more than a traditional 9-5 schedule, select apartment homes will also feature unexpected conveniences such as bi-weekly housekeeping at no additional charge.

The Maeve Central Station offers sophisticated luxury that invites residents to embrace the excitement—and endless possibilities—of Phoenix's downtown district. Steps away from shopping and dining, residents will discover limitless opportunities for indulgence including an elevated amenity deck, a resort-style pool, and an expansive penthouse-level amenity space with panoramic views of downtown Phoenix and beyond. The Maeve boasts 338 spacious apartment homes with a variety of one-bedroom and two-bedroom floor plans to cater to an array of lifestyles.

"CBRE Investment Management is thrilled to recognize the naming of The Maeve Central Station and ANOVA Central Station," said Justin Shanahan, Senior Director, Deputy Fund Manager, CBRE Investment Management. "This is a positive next step in such a significant mixed-use project that will bring new housing, office and retail space to downtown Phoenix. We continue to be proud to collaborate with GMH Communities and the City of Phoenix on this groundbreaking project, reflecting our ongoing commitment to innovation and community development in Phoenix and multiple product types and geographies across the United States."

Central Station is slated to open in mid 2025. For more information, please visit www.centralstationphx.com.

About GMH Communities

Headquartered in Newtown Square, PA, GMH Communities is a dynamic, privately held real estate company specializing in the acquisition, development and management of exceptional living communities throughout the United States. Since 1985, GMH has participated in over 300 transactions representing more than $9.5 billion of gross asset value across all major property types. For more information, visit www.gmhcommunities.com 

About CBRE Investment Management

CBRE Investment Management is a leading global real assets investment management firm with $142.5 billion in assets under management* as of June 30, 2024, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world's largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE's data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.

*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management's presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.

About Multistudio
Multistudio collaboratively expands the practice of architecture, brand experience, city design, education design, and interiors to serve the complex and evolving needs of our clients and communities. The diversity of thought, people, and disciplines helps us explore places and spark possibilities of economic, social, and environmental change.

About Medistar
Medistar Corporation is a full-service commercial real estate development company headquartered in Houston, Texas. Medistar delivers innovative solutions to clients, investors and partners across the U.S. As it has for over 50 years, Medistar specializes in the design, development, financing acquisition and construction of healthcare, hospitality, multifamily and mixed-use projects. 

About Layton Construction
Layton Construction, founded in 1953, is a top-ranked national commercial construction firm. As part of the STO Building Group, we bring project experience throughout the United States, Canada, and Europe.

Media Contact:

Alexa McCardell
amccardell@gmhcommunities.com

Eddie Ravert
eddie.ravert@clynch.com

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SOURCE GMH Communities

FAQ

What are the names of the residential buildings at Central Station in Phoenix?

The east building is named 'The Maeve Central Station' and the west building is named 'ANOVA Central Station'.

When is Central Station in Phoenix expected to open?

Central Station is slated to open in mid 2025.

How many stories does ANOVA Central Station have?

ANOVA Central Station consists of 22 stories of furnished and unfurnished student housing.

What amenities does The Maeve Central Station offer?

The Maeve Central Station offers an elevated amenity deck, a resort-style pool, and a penthouse-level amenity space with panoramic views of downtown Phoenix.

How much office and retail space does Central Station include?

Central Station includes 60,000 square feet of office space and 30,000 square feet of divisible retail space.