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.
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| 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 3rd, 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 25th, 2013, and can be accessed here.
By:
Daniel Alpers
Director of Civil & Municipal Projects
Vizzda.com
