VIZZDA -- 10/21/2013 -- Alliance Residential has purchased the fully entitled 2-part
mixed-use project planned for Old Town Scottsdale titled Industry West and
Industry East. The project totals 3.96 net acres, collectively traded
for $18.5m or $107.27 per square foot of land, and is planned for 344,132
square feet of mixed-use development featuring 316 residential units. Bank of
America has financed a $47.45m construction line of credit for the two sites.
The seller was a joint partnership between Steven & Shawn Yari of Triyar
Company (70% interest) and Scott Solomon of Pan Am Equities based out of New
York City (30% interest).
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| The western building is to be 150,430 square feet on 1.74 acres, made up of 133 residential units, 1,659 square feet of ground floor retail. -- The eastern building will be 193,702 square feet on 2.22 acres, with 183 residential units and 1,815 square feet of ground floor retail. |
On October 3rd of this year, the City of
Scottsdale approved the project that will be built upon 2 separate blocks in
Old Town on the North side of Stetson Drive, divided by N Civic Center Plaza. Having
mirrored architectural character, both buildings will also be 5 stories above
street level, having 4 stories of residential above ground floor retail. On the
interior of both sites will be sub-level 2-story parking garages.
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The project site is located at 7350 E Stetson Dr (west) and
7426 E Stetson Dr (east), or just south of the intersection of 75th
Street and Camelback Road. Both properties have existing improvements. On the
western site rests a 35,239 square foot vacant medical office building. The
east lot is currently occupied by 56,487 square feet of office, and a sub-grade
2-story parking garage that is to be incorporated in the new project.
Daniel Alpers
Director of Civic & Municipal Projects
Vizzda.com
Vizzda.com
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