114 Townhome Units to be Built at 68th St & Thomas Road

Vizzda – 3/10/14 – Meritage Homes purchased a 9.75 acre parcel on Thomas Road near Old Town Scottsdale, where they plan to build two-story townhomes at 14.65 dwelling unit per acre. The site was sold by Lewis Ghiz of Paddock Pool & Spa’s for $8.5m, which reflects $871,794 per acre, $74,561.40 per planned unit, or $73.36 per square foot of current improvements on site.

The current property consists of 115,870 SF of retail and warehouse built 1964 thru 1980. These improvements will be demolished to make room for a proposed project known as Diamante.

Diamante would extend the multi-family clustering that exists southwest of Old Town Scottsdale.

The proposed plan is to build 114 townhome units in twenty two-story buildings, consisting of two and three bedroom units, ranging from 1,100 square feet to 1,500 square feet. Each unit will feature a two-car garage. The approved density is to be 14.65 dwelling units per acre on the 9.75 net-acre parcel.

The property transacted prior to the Scottsdale Development Review Board’s approval of the site plan for Diamante. The community meeting to evaluate the project will take place April 3^rd, 2014 at Scottsdale City Hall. The proposed site plan can be accessed here. The city of Scottsdale did approve a general plan amendment to change from “mixed-use neighborhoods” to “urban neighborhoods”, and a zoning change from C-3 & C-4 to R-5. Both of these cases were approved at a City Council hearing on February 25^th, 2013, and can be accessed here.


By:

Daniel Alpers
Director of Civil & Municipal Projects
Vizzda.com