Vizzda –
March 24, 2014 – Previously (LINK),
Vizzda had blogged the story of how Florida homebuildger AV Homes had purchased
The Borgata in Scottsdale on September 7 of 2012 for $12.75m while
simultaneously re-selling two restaurant pads with frontage on Scottsdale for
$3.5m. AV Homes has held the balance of The Borgata, ±81,480 SF outdoor
shopping mall on 4.756 acres, since that time. AV Homes had advanced a plan to
redevelop the property as "The Residences at Borgata" a 3-building
4-story condominium complex of 218 units, 177 one-bedroom and 41 two-bedroom units, and totaling
226,880 rentable square feet for an average apartment size of 1,040 square feet and an overall 44.6 density units per acre. These
plans were recommended for approval on 6/6/13. (Site plan image below links to
planning documents.)
On March 21,
2014, AV Homes sold The Borgata to New York investor group JEN Partners and
local group TerraWest Communities for $13.85m; this saleprice represents
$169.98 per square foot as built retail or $66.85 per square foot as entitled
land. Carl Mulac of AV Homes and Michael Jesberger of Jen Partners closed the
deal.
Edward Moore
www.vizzda.com
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