One of the many vacant lots in Downtown Phoenix is under development. Two new apartment buildings will provide a home to college students and people who work downtown.

A rendering of the courtyard of the proposed north building to be built in Downtown Phoenix by developer Concord Eastridge. (Rendering courtesy Concord Eastridge)

The empty lot takes up an entire city block along Roosevelt Street, three blocks east of Central. Scottsdale-based developer Concord Eastridge bought the land, and will break ground on two new apartment towers Tuesday morning. Steve Schnoor runs Concord Eastridge’s Phoenix office. He said the time is right for new construction in downtown Phoenix.

“It’s probably the most underserved community in the entire valley with respect to rental residential," Schnoor said. 

The buildings will be seven to eight stories, and have furnished apartments aimed at college students, at rates comparable to ASU’s downtown dorm building. They’ll also have units for people who work in the area. Schnoor said the buildings will help increase urban density.

“Getting people to live in downtown is critical to the redevelopment of any downtown, and that’s been shown in city after city," Schnoor said.

Schnoor says the buildings will open in summer 2013.