InveStellar Corporation, a Phoenix-based urban development and advisory firm specializing in providing long-term value through iconic mixed-use, residential and hospitality projects, plans to develop Rainbow Road, a 36-unit architecturally significant apartment community situated on 13,500 square feet located near Roosevelt Row in central Phoenix.
This boutique multifamily project brings the first Libeskind-designed building to the Valley of the Sun. Rainbow Road, located at the southwest corner of First and Portland streets, is expected to break ground in the second quarter of 2023. It will deliver one-, two- and three-bedroom penthouse apartments with private rooftop terraces, including a multi-level living experience among many of the two-level lofts.
Designed by Lev Libeskind, son of internationally renowned architect Daniel Libeskind, Rainbow Road brings the iconic Libeskind deconstructivist style featuring sharp angles and slanted surfaces but with Lev Libeskind’s own spin. Rainbow Road was designed intentionally to fit into the diverse Phoenix arts district that surrounds the property. During the city’s arts focused First Friday events, Rainbow Road will open its gallery and event space to local artists as well.
The name Rainbow Road may sound familiar to ’90s-era gamers who played the iconic video game Mario Kart, and that’s no coincidence. The community boasts an actual rainbow road throughout the courtyard and onto the sidewalk, and color and accents are also carried through the interior design in the window wells and window frames. The two-story units will also feature video game-inspired steps leading to the entrances and in-unit functionality for casual and experienced gamers.
The property was purchased for $2.25 million in December 2021; Rainbow Road is expected to be completed in Q2 2024, with pre-leasing to begin in Q4 of 2023.
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