Tuesday, May 13, 2014

Sunrise Companies & Impact Church Split 11.21 Acres to Build Church and 311 Unit Multi-Family

By: Daniel Alpers | Vizzda.com

Impact Church purchased the entire 11.21 net acre site for $8.5m or $17.41 per square foot with $5.651m down and $2.849m new debt with Volkswagon Group. Impact concurrently sold a 4.59 new acre portion of the site to Sunrise Companies for $5.6m ($28 per square foot), $915m down, and $4.685m new debt with National Mortgage and Land Company. Impact retained 6.62 net acres of the site.

Plans call for Impact to build a 69,500 square foot church being 36’ tall, 56,550 square feet of open space (19.27%), measuring 0.25 in floor area ratio, and 418 parking spaces.

The multi-family component will provide 311 units in 228,332 square feet of livable space. The units mix will be comprised of 31 studio, 175 single-bedroom and 105 two-bedroom. The project will provide 480 parking spaces in a six-story, 65 foot tall parking garage. There will also be 80,490 square feet of open space, covering 40.25% of the 4.59 net acres of land, for a density of 67.8 dwelling units per acre.
The approved project is located south of the southwest corner of Hayden Rd & Frank Lloyd Wright Blvd. Northwest of the project, highlighted in green, is the current location of Impact Church
The entitlement of the two projects was approved by Scottsdale City Council April 8th, 2014 with approval of rezoning for the church to Planned Airpark Core Development - Airpark Mixed Use (PCP-AMU), and Planned Airpark Core Development - Airpark Mixed Use – Residential (PCP-AMU-R) for the residential portion.

Impact Church was reported to be Scottsdale’s second largest church with more than 2,800 parishioners. The communities current location is just under quarter of a mile northwest of the new site, at 15650 N 83rd Way.

The site is currently occupied by a 36,775 square-foot automotive showroom building, formerly occupied by the Cardinale Auto Group who operated the Buick Pontiac GMC dealership that closed it’s doors in 2009.

The Cardinale family previously acquired this property as 11.21 net ares on May 5th, 2006 for $11,995,000 or $24.56 per square feet, with $50k down and $18m new debt with Volkswagon Group. The Cardinale's history on the site goes back to the origination of the dealerships lease dating 2/11/02.

1 comment:

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