Saturday, March 24, 2012

Apartments on tap at Morrison

Morrison Ranch will soon get its first apartment complex.

The 228-unit apartment complex will be going up on a 14-acre parcel of land that Scottsdale-based P.B. Bell Companies bought from the Arizona State University Foundation on March 6 for about $2.8 million, according to R. Chapin Bell, president of the real-estate management and development firm.

To date, Morrison Ranch has developed 2,300 single-family lots in five neighborhoods, and Bell said he has special plans for the complex, to be built on a parcel in the Highland Groves area, near Big League Dreams near Elliot and Power roads.

"We're very excited about it," Bell said. "What's different about it is there are so many high-density developments, with 24 or even 28 units per acre. This has a lower density, with 16 units per acre. And that creates more open spaces that people can enjoy, with more landscaping, lush trees (and) green grass. It will have a nice, open feel to it."

The land is part of a nearly 80-acre parcel that Marvin and June Morrison donated to the ASU Foundation in 1998. As part of that deal, ASU's College Of Agribusiness became the Morrison School of Agribusiness and Natural Resources at the ASU Polytechnic campus at Phoenix-Mesa Gateway Airport in Mesa.

Nearly all of the 14 acres owned by P.B. Bell was part of that donation, said Scott Morrison, one of the co-owners of the ranch.

None of the buildings in the development -- a mix of one-, two- and three-bedroom units -- will be higher than two stories. The complex will include a resort-style pool, fire pits, grills, ramadas with TVs, a spa and a resident lounge with kitchen facilities. There also will be a playground for children.

Bell said the units will include granite countertops, custom cabinetry and upgraded flooring, and will lease for about $800 to $1,200 a month.

MT Builders of Scottsdale will start construction within 90 days.

by John Stanley - Mar. 23, 2012 01:52 PM The Republic | azcentral.com




Apartments on tap at Morrison

No comments:

Post a Comment

Real Estate News