By BEX Staff for AZBEX
Developer Mike Lafferty is planning an 82-unit apartment/townhome development called L’Reserve Residences on five acres along State Route 69, approximately five miles outside of Prescott.
According to media reports, Lafferty Development is in the early stages of the zoning and permitting process for the new community, which will be developed under a separate LLC.
An access road from Lafferty’s personal ranch development to the apartment development will be called L’Reserve Way and could begin construction in December.
Plans are in place to build a 12-inch water line between the two water sources that will feed the properties. Lafferty has submitted a traffic study showing entry and exit between SR 69 to the apartments. The Arizona Department of Transportation is currently reviewing the materials.
Lafferty hopes for a rezoning vote by the Prescott City Council before the end of Q1.
Lafferty Development has been involved with several Prescott-area plans and projects over the years. The 200-unit 2051 Apartments development on Willow Road was completed and sold just a few weeks ago.
Lafferty Development and Lafferty Construction have been trying to advance a 224-unit project called Prescott Views Apartments at Prescott Lakes Parkway and Blooming Hills Drive for more than two years. Lafferty withdrew a water service application request for the project early last year, and multiple follow-up requests from BEX research staff have gone unanswered. That project is listed as On Hold.
Another project—Peaks Views Apartments—was planned for 155 units on East Robin Drive. Plans were approved by City Council in April 2019 but were canceled by the developer that September.
