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prima:Tower of Prayer project stalled, deepening scrutiny of Phoenix Fund initiatives

Rise Village received $75 million in tax credits from the Housing Finance Authority, but construction appears to have been stalled for years

July 11, 2025 - 4:36 PM

Pictured is a view of the former Prayer Tower in Carolina, which should have become the Rise Village mixed-use project, in its current state. (Pablo Martínez Rodríguez)

The private equity fund The Phoenix Fund is reportedly linked to another project that received millions of dollars in public funds and whose construction seems to have been stalled for years, El Nuevo Día reported.

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