A new-to-market developer pulled off creating a "mini neighborhood" through a mixed-use multifamily building that now stands as one of downtown Phoenix's tallest structures.
Those efforts led to Sol Modern being selected by a panel of industry professionals as the winner of the 2026 CoStar Impact Award for Multifamily Development of the Year for Phoenix.
Chicago-based LG Development opened the 29-story, nearly 750-unit Sol Modern — a project that aimed to connect Arizona State University’s downtown Phoenix campus and the Roosevelt Row Arts District, which is becoming an increasingly competitive section of downtown's multifamily submarket.
Sol Modern occupies an entire block in downtown Phoenix, sits on 2 acres at 50 E. Fillmore St. and spans about 1.3 million square feet.
Construction started in February 2023, and LG opened pre-leasing in April 2025. The delivery comes as CoStar is tracking more than 850 units under construction in Roosevelt Row, most of which are luxury properties targeting the top of the renter pool. In total, Sol Modern represents a $400 million price tag with $293 million in construction costs.
About the project: Sol Modern adds 747 luxury units to the downtown Phoenix submarket. Monthly asking rents range from $1,748 to $4,445 between studio, one-, two- and three-bedroom units, according to Apartments.com. Ninety-nine units are short-term, furnished residences. Additionally, Sol Modern has 28,760 square feet of ground-level retail and more than 100,000 square feet of amenity space across two amenity floors.
What the judges said: "What influenced my vote in this category is how Sol Modern actually stitches downtown together instead of just dropping another apartment tower," said one judge, who requested to remain anonymous. "It really feels more like a mini neighborhood than a single building. And honestly, it’s pretty gutsy for a Chicago-based developer to come into Phoenix and make that big of a first statement — they didn’t tiptoe — they went all in."
They made it happen: Jack Ryden, director of development, and Lauren Tazza, development manager, LG Development; KL Architects, architect and interior design; Layton Construction, general contractor; Offshoot Creative, interior design.