2nd and Roosevelt

Project Overview

Pennrose’s 2nd and Roosevelt Senior Apartments development will provide 60 income-restricted apartments in the heart of Roosevelt Row, offering residents immediate access to job opportunities, light rail, healthcare, restaurants, art gallery, boutique shops, and Roosevelt Row’s First Friday’s Art Walk. In a neighborhood featuring colorful street art, residents at 2nd and Roosevelt will have immediate access to the best cultural experiences in the Phoenix Metro Area. 

The City of Phoenix Community and Economic Development Department selected Pennrose via a Request For Proposals process to develop the project. 2nd and Roosevelt will restrict incomes and rents for its studio and one-bedroom apartments to be affordable to older adults aged 55+ earning no more than 60% of area median income. The ground floor of the community will feature commercial space dedicated to one or more community serving non-profits or small businesses based on needs identified by the surrounding community and neighborhood groups. 

Pennrose is joined on the project by Architectural Resource Team as project architect, W.E. O’Neil as general contractor, and Innova as owner’s representative for construction administration. Pennrose intends to finance the project with 9% Low Income Housing Tax Credits (“LIHTC”), City of Phoenix HOME funds, project-based vouchers, private debt, and deferred developer fee. Pennrose will apply for HOME funds from the City of Phoenix in February 2026 and tax credits from Arizona Department of Housing in April 2026. If awarded, Pennrose anticipates commencing construction in February 2027, and completing the project in May 2028.

This website will be updated as more information becomes available.