Wednesday, September 2, 2015

Land Purchased for Planned Optima Kierland Project

Images from Staff Report dated 8/6/14

Six and a half acres at the northwest corner of Scottsdale Road and Kierland Boulevard sold to Optima Real Estate on Monday for just over $17 million, or $61 per square foot of land. The Optima Kierland project is planned to be built at this location, consisting of 796-unit multifamily, 234-room hotel, and a 1,444-space three-story underground parking garage. This will replace the 111,200 square foot retail showroom currently occupied by Ladlow's Fine Furniture.

Optima also owns the 1.12 acres directly southwest, which they purchased on June 1st of this year. A construction loan of $29,104,387 with PNC Bank encumbers both properties.

For more information on this property including complete history and planning/zoning information, visit us at our website or send us an email. We're happy to hear from you!


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