RAY Phoenix: Upscale Art-Focused Development Opens in Downtown Phoenix

RAY, a New York City-based real estate company founded by Dasha Zhukova, has opened its third and largest development in Downtown Phoenix, a 26-story tower with 401 apartment units. The project, designed by Johnston Marklee & Associates in collaboration with Lamar Johnson Collaborative, features a facade with a pea-green grid system that provides shade for heat mitigation. Artist Alex Israel created a mural in the lobby depicting desert rocks and flora. Interior communal spaces, designed by RAY's in-house team with Parts and Labor Design, include a Living Room and Sunken Lounge on the fifth floor, along with an outdoor garden and pool. Rents range from $1,470 for a studio to $7,219 for a two-bedroom penthouse. The development includes ground-floor commercial space, a pop-up exhibition space curated by RAY, and an art workshop. Phoenix's downtown population has more than tripled in the past decade, with over a hundred businesses opening last year. RAY broke ground in 2024 and completed rapidly to meet local growth.