By BEX Staff for AZBEX
Having paid approximately $7M to SimonCRE for 10.8 acres of the 21-acre Residences at Prasada development site, The Wolff Company is planning to develop a multifamily community on the property.
The Wolff Company was represented by Jake McClaughry and Brian Gausden with Western Retail Advisors, according to a local news report.
The site is part of SimonCRE’s master-planned retail development The Village at Prasada at the SEC of Loop 303 and Waddell Road in Surprise, which includes more than 1MSF and initially opened in 2023.
The Wolff Company provided details about the plan in a recent LinkedIn post. Halogen Prasada will consist of 84 one-bedroom and 168 two-bedroom units spread across 11 three-story residential buildings.
Planned amenities include a pool, a dog park, a fitness center and passive open space that will be distributed throughout the community.
Construction is expected to begin later this year, and first move-ins are expected to be available in 2028.
A January 2024 updated site plan showed the southeast portion of the site featuring a 240-unit multifamily development called Bella Prasada. That section was initially planned for a multifamily joint venture development between SimonCRE and Investment Resources Corporation, a subsidiary of HCW. Status notes in the DATABEX project database say the project was initially expected to open in fall 2023 but was put on hold, as was another planned multifamily component called Skyline at Prasada.
The article says SimonCRE retains control of the remainder of the site and plans additional commercial development on roughly 5.8 acres, along with some additional multifamily.
The Wolff Company’s post notes the design firm as Studio 15 Architecture, Inc., with civil engineering by EPS Group Inc. and landscape services by Collaborative-V Design Studio.
