The Sheraton Phoenix Crescent in north Phoenix, a landmark hotel that has been shuttered for several years, is being transformed into "attainable luxury" apartments near the planned Metrocenter mall redevelopment. The $120 million project will blend "high‑quality residential living with resort‑style amenities at rental rates accessible to working professionals." The complex will also accept renters with past credit problems that have since been resolved. The developers plan to keep the hotel building structurally intact but repaint it with new colors. The first phase of the project is expected to be completed in 12-18 months. However, the developers have left open the possibility of the building becoming a full-service hotel if there is significant demand.