Wednesday, September 10, 2014

Clayton Companies Takes a Step Forward With a South Old Town Apartment Complex

By: Daniel Alpers | Vizzda
Clayton Companies has conveyed partial interest in a property they recently had approved through the entitlement process, bringing in New Jersey based Connell Management do develop the property. The 278 unit project titled Bauhaus was approved by Scottsdale City Council September 20th, 2013, on a property ±420 feet north of the northeast corner of Scottsdale & Thomas Roads.
Bauhause conceptual rendering from approved site plan with Scottsdale Planning.
The Bauhaus project, as it was titled going through planning with the city, is a planned to be three total buildings and will replace a retail strip building historically known as Plaza 777 at 2945 N Scottsdale Rd. Two of the buildings will be located on the main 4.39-acre parcel that has approximately 350 feet of Scottsdale Road frontage. These two separate buildings each feature 125 units, four stories, with ground floor office, basement level parking garage, and one pool.
Also owned by Clayton Companies, is the neighboring 0.887-acre property that is planned for the third building. The site is located directly east from the main lot, across 73rd Street. Planned for the site is a 3-story building with 28 studio units, designated for affordable housing (60% of the area median income). The agreement and land use restriction to build these units is related to the $39.99m new FHA note with Red Mountain Capital. To date, no permits have been issued for this project.

Clayton Companies interest in the area goes back to when they acquired the eastern 0.88 acre property on May 23rd, 2006 as a 10,516 square foot industrial flex building for $700k. The Plaza 777 main property is a 38,978 square foot strip retail building built in 1961. This piece of land was acquired by Clayton Companies through a bank sale from Pacific Western Bank on March 21st, 2011 for $2.587m or $66.40 per square foot, and $1,681,550 new debt with First International Bank & Trust was issued with the sale.
Connell Management disclosed this joint venture partnership through a press release that can be seen here. The approved project case file with the City of Scottsdale can be viewed here.

1 comment:

  1. Go away with your shitty complex. We dont want nor need more apartments.


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