Old Town Land Sells -- Entitled for 12 Townhomes Near NEC Scottsdale & Camelback Roads

Vizzda – 3/24/14 – Howard Keim of Ventana Fine Properties and Von E Dix of Von Dix Fine Homes partnered to purchase a 25,897 square-foot piece of vacant land for $1.2m, $46.34 per square foot, or $100k per planned unit. $2.2m new debt was issued concurrently with the sale. The seller was Colorado based investor Michael Feiner of Feiner Enterprises.

The subject property is approximately 220ft north of the Arizona Canal, approximately 1800ft northeast of the Scottsdale and Camelback intersection in Scottsdale. The approved project for the site is titled Trio, and comprises twelve townhome units in four thirty-five foot tall three-story buildings. The proposal measures sixteen dwelling-units-per-acre, and features twenty-seven percent open space.

The Scottsdale design review case for the project dates back to 2007, but most the recent application was submitted October 8^th, 2013, and approved soon after.

Streetview rendering of Trio, facing southwest on Woodmere Fairway

The property was previously acquired Sonoran Desert Homes on April 6^th, 2007 with $1.2m in total debt issued between two lenders, one of which being Michael Feiner. Feiner acquired the property in its current vacant state, through deed-in-lieu of foreclosure in late January of 2010.

By:

Daniel Alpers

Director of Planning and Municipal Projects

Vizzda.com