DMB Associates Inc. has sold a 3.21-acre parcel at its $1B mixed-use development in north Scottsdale. Denver-based Grand Peaks acquired the parcel for $22.75M in cash. Grand Peaks plans to construct a five-story building with 280 apartment units and a 6.5-story parking garage with 459 parking spaces at the northeast corner of Scottsdale Road and Loop 101. The project is currently going through the city approval process.
This apartment community is one of several planned at One Scottsdale, which has a master site plan for 1,250 units on its 120-acre site. In addition to Grand Peaks’ project, Dallas-based StreetLights Residential is developing 314 units on a 5.7-acre parcel, and Talos Holdings is preparing to submit a design review for 352 residential rental units.
The only for-sale housing product at One Scottsdale is a $100M luxury condominium project called Portico, which is being built by Belgravia Group Ltd. Portico is over 70% sold out, and the second phase of the project for 96 more condos is in the planning stages.
DMB had considered a senior living developer for a 120-unit senior living property at One Scottsdale, but that deal fell through due to financing issues.
These housing developments are occurring in response to nearby construction projects, such as Banner Health‘s $400M hospital campus and Mayo Clinic‘s biotech innovation hub.
In addition to residential projects, One Scottsdale has other developments in progress, including a medical office building anchored by City of Hope and Exalt Health, a surgery center, Illume Innovation Center, a retail development, and the open Hilton Home2Suites extended stay hotel. About 40 acres of land at One Scottsdale remain available for development, with the potential for more hotel, office, retail and restaurant projects currently under consideration. (Source)
