Convexity Properties is looking to build a 24-story, 318-unit apartment building at Second and Portland streets. The company filed their building plans with the City of Phoenix. The Phoenix Business Journal reports the company says it’s too early to discuss the project.

An entity aligned with Convexity and DRW Trading Corp., paid $8.82 million in cash for the 0.64-acre vacant parcel at 114 E. Portland St., according to Vizzda LLC real estate database.

The news of such a project is becoming a common occurence in Phoenix. In the past week, the Phoenix City Council okayed development plans calling for nearly 1,900 apartment units in midtown and will soon be voting on another 1,450 units along with a hotel and office.

The Empire Group plans to build the Astra, a $575 million project that will include one tower with 45 floors rising to a height of 541 feet with an adjacent 36-story tower rising 424 feet. Four more towers between 19 and 27-stories featuring different developers have either commenced construction or are in the pipeline.