Mosaic began demolition at 2920 N. 56th St. in Phoenix to make way for 56 at Arcadia, a luxury build-to-rent community. Mosaic will serve as the general contractor for the Hawkins Development project.

The site has been home to a wide variety of businesses over the years, originally transforming from irrigated farmland to a retail center in the 1950s. However, the property has sat vacant since late 2014.

Plans for 56 at Arcadia include 40 rental townhomes of five varying layouts, ranging from two- to three-bedrooms. All homes will include attached garages and covered patios.

“Build-to-rent is not a new concept, but it is receiving renewed focus as a result of the widening affordability gap between renting and owning,” Alex Pollack, director of partnerships at Mosaic, said in a press release. “Bolstered by the unprecedented wave of millennials entering their prime first-time homebuying years and the ongoing wave of retiring baby boomers, BTR offers a flexible living option that is professionally maintained, lives like a home and affords privacy that isn’t available in a typical apartment unit.”