The long-quiet Sheraton Phoenix Crescent is about to trade in wedding banquets and conference badges for lease agreements and Amazon packages.
Developers say the north Phoenix landmark, a familiar sight near the old Metrocenter site, will be reborn as “The Crescent,” a hefty mix of apartments carved out of the former hotel plus several new residential buildings. The idea is to keep the hotel’s concrete shell, ditch the short-term stays and turn the whole thing into long-term housing targeted at working professionals.
What the plan includes
According to Axios, Foundation 8, a partnership between Trillium Management and GIA Hospitality, is behind roughly a $120 million conversion of the Sheraton. Inside the existing hotel, the plan calls for about 258 studio, one- and two-bedroom apartments. Another three smaller residential buildings would add more than 350 units.
The main structure is set to stay put, with a repaint and a refit rather than a wrecking ball. The vision, the developers say, is “high-quality residential living with resort-style amenities at rental rates accessible to working professionals.” In other words, spa vibes without full-on luxury price tags.
Where it fits in Phoenix’s boom
The timing is not accidental. The surrounding area is already in the middle of a dramatic reset as the former Metrocenter Mall comes down and a new urban mixed-use village goes up in its place. Metro Phoenix Alliance reports that demolition is done, homebuilders are in the wings and large residential blocks are planned nearby, all feeding demand for housing near transit…