114 Townhome Units to be Built at 68th St & Thomas Road

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.

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 3^rd, 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 25^th, 2013, and can be accessed here.


By:

Daniel Alpers
Director of Civil & Municipal Projects
Vizzda.com

Alliance Residential Purchases Approved Mixed-Use Project in Old Town Scottsdale

VIZZDA -- 10/21/2013 -- Alliance Residential has purchased the fully entitled 2-part mixed-use project planned for Old Town Scottsdale titled Industry West and Industry East. The project totals 3.96 net acres, collectively traded for $18.5m or $107.27 per square foot of land, and is planned for 344,132 square feet of mixed-use development featuring 316 residential units. Bank of America has financed a $47.45m construction line of credit for the two sites. The seller was a joint partnership between Steven & Shawn Yari of Triyar Company (70% interest) and Scott Solomon of Pan Am Equities based out of New York City (30% interest).

The western building is to be 150,430 square feet on 1.74 acres, made up of 133 residential units, 1,659 square feet of ground floor retail. -- The eastern building will be 193,702 square feet on 2.22 acres, with 183 residential units and 1,815 square feet of ground floor retail.

On October 3^rd of this year, the City of Scottsdale approved the project that will be built upon 2 separate blocks in Old Town on the North side of Stetson Drive, divided by N Civic Center Plaza. Having mirrored architectural character, both buildings will also be 5 stories above street level, having 4 stories of residential above ground floor retail. On the interior of both sites will be sub-level 2-story parking garages.

The project site is located at 7350 E Stetson Dr (west) and 7426 E Stetson Dr (east), or just south of the intersection of 75^th Street and Camelback Road. Both properties have existing improvements. On the western site rests a 35,239 square foot vacant medical office building. The east lot is currently occupied by 56,487 square feet of office, and a sub-grade 2-story parking garage that is to be incorporated in the new project. 

Daniel Alpers

Director of Civic & Municipal Projects
Vizzda.com

Retail Focused Developer Picks Up Bank Branch/Office Building on 5th Ave & Scottsdale in Old Town Scottsdale

VIZZDA -- 9/6/2013 -- A joint partnership between Artemio DeLaVega of DeLaVega Development, and Scott Weaver, a director at Western Refining in Texas, have acquired 13,960 square feet of bank branch & office in one 2-story building at the southeast corner of Scottsdale Rd & 5th Ave, just south of the Galleria project. The piece sold for $3.94m or $282 per square foot.

The building is located at the 4253 N Scottsdale Rd, Scottsdale. It was built 1981 on 0.40 acres zoned C-2, 6 parking spaces, and a drive thru.

The seller of the property was Nicholas McKay Sr., the CEO of Ecosentials LLC & Vitamin Squeeze. He previously acquired the property November 10th, 2005 for $4,531,875 or $324 per square feet, $100K down, and $2.5m new note with US Bank. $3.75m debt issued November 4th, 2008 with M&I Marshall Bank. $3,675M additional financing on May 24th, 2008 with Northern Trust. -- The prior lease with US Bank (as occupant) originated November 15th, 2002.

DeLaVega Development's website states that although their historic acquisition strategy has focused on ground up development, the company has more recently been seeking redevelopment and value added retail and mixed use opportunities in the southwest.

There is currently an active development review case for a parcel across the street from the subject property for a 6,009 square foot mixed-use building, planned to have ground floor restaurant and second floor residential. This property is located at 7158 E. 5th Avenue. Case Document


Daniel Alpers
Vizzda.com