New Leaf Communities to Build 5-Story Apartments at SR-51 & Shea Blvd

Phoenix urban infill continues with the planned addition of 147 new multifamily units just north of the SR-51 and Shea Boulevard intersection. New Leaf Communities purchased the 4-acre property on Friday, Auguest 16th, for just over $1.5 million. The site is currently occupied by a 14,533 square foot retail building, set for demolition.

Phoenix City Council approved plans for the “View 32” project On July 1st. Plans call for around 60,000 square feet of apartments in one four-story building.

North of the Northwest Corner of SR-51 & Shea Boulevard

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



        

Residential Project at 32nd Street & Cactus Road Entitled and Sold

By: Daniel Alpers | Vizzda.com

Future Site of Enclave on 32nd St.

On May 13^th, 2014, A joint partnership between New Leaf Communities & Watt Companies purchased a 3.46 acre piece of land. On the same day, Phoenix Planning Commission gave their final approval for the re-entitlement of the project for the site titled Enclave at 32nd St. The sales price was $1.275m or $41,129 per planned lot and $8.46 per square foot. The down payment was reported to be $490,000 and Bill Cleverly of Inca Capital provided $785,000 in new financing.

The project--approximately 700 feet south of the southwest corner of 32nd Street and Cactus Roads--consists of thirty-one density lots covering the 3.46 net acres with a density of 7.97 dwelling units per acre. The approved plan reflects twenty-three lots measuring 33’x63’ and eight at 39’x63’ having an average lot coverage of 23.96%. 18.6% of the project will be open space.

Edmund, Frank, & Gordon Mell represented the Mell family trust as the sellers, who previously sold the southernly adjacent 4.68 acre to Basis Charter School’s on November 8th, 2011 for $1.015m or $4.98 per square foot. Since then, a 43,084 square foot charter school has been built on that lot.

Bank Sale of Proposed Mixed Use Project in Tempe

Johnson Bank has sold a 3.46 gross acre lot in Tempe that is platted for Dorsey Crossing Live/Work Townhomes, a 45-townhome mixed use project. The lot was purchased by New Leaf Communities for $750,000 or $2 per square foot, $350,000 down, and $400,000 debt with Bill Cleverly of Inca Capital. The project has previously been marketed as 1233 Off Broadway, located at 1233 E Broadway Rd, East of the southeast corner of Rural and Broadway Roads. 

The project was previously acquired as land only on April 24th, 2006 for $800,000 or 5.01 per square foot, and $1,050,000 debt with IMH Financial corp; the note was later released in 2007. In 2006, the site went through the entitlement process with the City of Tempe planning and zoning to establish a planned area development for the mixed-use project, atop its PCC-2 zoning designation. New debt of $2,761,000 with Johnson Bank was issued July 26th, 2007. Johnson Bank gave notice of trustees sale September 30th, 2010. Johnson Bank then foreclosed on the property on December 30th, 2010 for $1,263,000 credit bid amount.

According to Vizzda's analysis of city zoning documents from a March 26th, 2006 project approval with the City of Tempe, the entire project is composed of three phases on 8.55 acres. The fist two phases are already built and the subject property (phase III) is on 3.46 gross acres (2.55 net), and will total 87,425 sf of total building area in 9 different product types. The 45 three-story buildings will consist of 45 residential units (7 two bedroom, 38 three bedroom). 14 of the units will have ground floor commercial space, ranging from 321 to 571 square feet. The buildings have a maximum allowable height of 40 feet and the density is measured at 17.6 dueling units per acre.

BY

Daniel Alpers

Director of Planning & Municipal Solutions

Vizzda