Luxury residential developer Optima, Inc. plans to build a 1,500-unit luxury community at the SEC of Scottsdale Road and Loop 101.
In local media reports, Optima officials said they are currently considering potential lenders and capital partners for the Optima McDowell Mountain Village development, which will be the company’s largest undertaking so far.
Optima has reportedly submitted a pre-application to the City of Scottsdale to start the development approval process. Scottsdale generally does not make pre-application materials available to the public or the media.
Optima has a contract in place that is expected to close escrow in December for a nearly 22-acre parcel. Another 85-acre parcel west of the site is scheduled for auction by the Arizona State Land Department on April 13th. The minimum bid is $61.85M.
As detailed in local media reports, Optima McDowell Mountain Village will feature 1,500 apartment and condominium units distributed across six concrete-framed buildings. Grade-level open space in the community is targeted for 80%, enabled by situating all parking underground. An initial neighborhood meeting to discuss the plans was held March 24th.
The development is projected to generate more than $1.4B in economic output, according to a study from analysts Elliott D. Pollack & Co.
Optima intends to self-perform all major roles for the project, including developer, architect, general contractor and property management. (Source)
