Along with most that have described it as a speakeasy + tiki bar, I'd like to add pirate ship + Disney-esque. UnderTow is simply a must-visit cocktail bar if you're looking for something out of the ordinary.
I took my boyfriend here as a surprise for his birthday, and the fact that it is a speakeasy threw him off even more as we parked at a Sip, a coffee + beer garage space. The entrance to UnderTow is not hard to find though as it is right in the middle. You go downstairs and check in with the host/hostess at the bottom.
Inside, it is tight and cozy. There is maybe 12 or so seats at the bar and smaller tables and more communal bar-like space surrounding it. I don't want to give away much of the interior, but I highly suggest looking around at the details that UnderTow has put in to make it have the perception that you're actually in a ship! I say this is "Disney-esque" because it reminds me of a bar that is in Downtown Disney (Trader Sam's).
The drink menu is vast and creative, and the bartenders are knowledgeable?? and can help you narrow down a drink. The drinks themselves, besides a few specialty ones, are averagely? priced ~ $13/$14 or so.
Great experience overall! Thank you, Yelp, for helping me find this semi-hidden gem in Phoenix! We had a great time.
Note: Reservations are highly recommended if available - reservations are open up to a week in advance? on OpenTable between.