By Eric Jay Toll for Arizona Builder’s Exchange
The company known for converting aging mid-century apartments into the contemporary Cabana art deco apartment brand is back into condominium development. Deco Communities LLC acquired an entitled one acre lot to build Envy, a high-end, eight-story condo. The Old Town location, 4244 N. 75th St., Scottsdale, was approved for 112 units and a 90-foot height.
Harley Ellis Deveraux, Los Angeles, is designing Envy. Private Label International, Phoenix, is handling interior design. The company will not comment on the GC selection nor indicate whether there is a short list. A spokesperson for Deco Communities confirmed that construction cost is around $25M. Higher numbers have been circulated in other media.
Deco is partnering on the project with Castlelake, Minneapolis, Minn., and Isles Ranch Partners, Newport Beach, Calif. The joint venture team paid $4.05M ($4M/acre; $362K/entitled unit), but will build a 90-unit luxury condo with high ceilings.
Deco says that the condominium is designed for working Generation Y residents who want to live close to the entertainment center on the east side of Scottsdale Road. The site is currently occupied by a 4.4KSF restaurant called The Lodge.
Groundbreaking is targeted for later this year. Deco plans to start taking reservations for the $400K to $1M, 800 to 1,750 SF homes this summer. Phoenix Urban Spaces is marketing the project. Before opening its six Arizona Cabana projects and one in Las Vegas, Deco Communities was known as Starpointe. Under that banner—and with its same partners—it built more than 3,000 condo units.
Hewson 75th Street LLC was the seller, represented by Cassidy-Turley.
Sale data in the story came from Business Real Estate Weekly of Arizona