A swanky, landmark hotel in north Phoenix that's been shuttered for several years will get new life as "attainable luxury" apartments near the planned Metrocenter mall redevelopment.

Why it matters: That area of north Phoenix is in the midst of a massive transformation and the redevelopment of the Sheraton Phoenix Crescent will add to the area's renewal.

The big picture: Foundation 8, a partnership between Trillium Management and Gia Hospitality, plans to convert the hotel into an apartment complex called The Crescent, per Trillium president Kenneth Losch.

State of play: The $120 million project will blend "high‑quality residential living with resort‑style amenities at rental rates accessible to working professionals."

• Losch told Axios that the complex will also accept renters with past credit problems that have since been resolved.

Zoom in: The complex is slated to have 258 studio, one-bedroom and two-bedroom apartments in the former hotel and another 350-plus units in three smaller buildings that won't block views from the former Sheraton.

• Losch said the first phase, which will only include the hotel conversion, is expected to be completed in 12-18 months.

Zoom out: Losch said he and his partners look for projects that have "tailwind," meaning "the demand is moving to a new level in the area" due to improving market conditions.

• Metrocenter has been demolished and will be replaced with the Metropolitan, a huge residential and retail center served by a recent light rail hub.
• The massive Taiwan Semiconductor Manufacturing Co. complex is nearby and accessible via Interstate 17, Losch noted.
• Both are expected to drive housing demand.

Catch up quick: The hotel has been closed since January 2023 due to an electrical fire.

Flashback: The Sheraton Phoenix Crescent was built by Charles Keating's American Continental Corporation and opened in 1986.

• American Continental declared bankruptcy in 1989 after the infamous collapse of Keating's Lincoln Savings and Loan Association, and the federal government seized the Sheraton Phoenix Crescent later that year.

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High-speed fun — and an estimated 30,000 fans— will barrel into downtown Phoenix Saturday for a Formula One showrun.

The big picture: Red Bull and Ford Racing are bringing a motorsport demonstration to Jefferson Street, where spectators will get a glimpse of F1 cars and other performance vehicles like the Mustang GT3 and F-150 Lightning SuperTruck.

Zoom in: The showrun is not a race, but promises "roaring burnouts, precision drifting" and appearances by Red Bull racers throughout the afternoon, according to a press release.

If you go: The event is free and family-friendly, according to organizers.

• The demos will occur on Jefferson Street between Central Avenue and Fifth Street from 1-4pm on Saturday.

Pro tip: If you're not attending, it's best to avoid the area, as there will be multiple street closures to accommodate the event.

🏀 Bobby Hurley is parting ways with ASU after 11 years leading the Sun Devils men's basketball team. The announcement followed a blowout loss to Iowa State in the Big 12 tournament. (AZcentral)

🚫 Secretary of State Adrian Fontes and Attorney General Kris Mayes urged county recorders to refuse to comply with any federal subpoenas they receive for private voter records, which they said would violate state and federal law. (Votebeat)

👋 The Cardinals officially released quarterback Kyler Murray yesterday. (Arizona Sports)

🏢 The future of Mesa's transitional housing program is in doubt after the City Council balked at moving forward with plans for a homeless hotel in a building the city purchased in 2023. (AZcentral)

💸 Google asked Arizonans for Responsible Growth to refund contributions and remove its name from campaign materials in the upcoming Salt River Project election. (Phoenix New Times)

North Italia invites you to celebrate pizza, mathematics and Mexican cuisine this weekend.

State of play: Saturday, March 14, is Pi Day — a celebration of the mathematical constant π (Pi), which has become an unofficial pizza holiday.

• Pizza pi(e), get it?
• The first three significant figures of Pi are 3.14, hence the observance on March 14.

Zoom in: North Italia, which has locations across the Valley, is dishing an elote pizza topped with Mexican street corn and chorizo to honor the holiday with local flair.

If you go: The pizza debuts on Pi Day but will be on the menu through April 10.

• It's priced at $23 ($20 during happy hour), with $1 from each pie donated to a local hunger relief organization.