Thursday, February 13, 2014

Standard at Valley Ho Site Sold for $5m

VIZZDA—February 13th, 2014 — The 3.3 acre vacant parcel that adjoins the Hotel Valley Ho and The Mark Condominiums in Scottsdale has sold for $5m or $34.78 per square foot. Brian Tusa of Dallas-based multifamily developer, Trinsic Residential acquired the property for cash on behalf of a joint-venture with P.B. Bell and Associates.
Renderings of the proposed Standard at Valley Ho
The site is planned for a 135-unit class-A apartment building designed along similar lines as the Hotel Valley Ho. The 3-story project will feature a maximum height of 36’ for a maximum build-able area of 150,105 ft2 and a density of 44.7 units per acre. Units will range in size from 625 ft2 to 1,279 ft2 and will consist of sixty-seven one-bedroom and sixty-eight two-bedrooms. Residents will have access to Hotel Valley Ho amenities including pool and spa access, valet parking and room service.
The seller, Scott Lyons of Westroc Hotels & Resorts, owns the Hotel Valley Ho and had previously controlled both the subject parcel and the land on which The Mark sits dating back to 2002. Toll Brothers acquired the southern half of the assemblage in 2005 for $19.26m and sold both The Mark parcel and the subject parcel to The Silverman Companies in 2009 for $17.3m. Silverman conveyed the subject parcel to Lyons within a month for $1.2m or about $9 per square foot.
Lyons retains design approval rights on the development, which is deed restricted from operating a hotel, motel or other short-term lodging. Click here and complete the form to access PB Bell's submission to the City of Scottsdale regarding this project.
Paul Dionne
Director of Analytics

1 comment:

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