Monday, May 28, 2012

Scottsdale units may boost customer base -

Downtown Scottsdale merchants can look forward to more shoppers and diners with the addition of more than 2,000 multifamily units anticipated within the next three years.

Downtown projects
Investment dollars are flowing into downtown Scottsdale, including:

$400 million for Optima Sonoran Village.

$220 million for Blue Sky apartments.

$65 million for the Portales complex.

$55 million for Alliance Residential's apartment/retail complex at the Scottsdale Waterfront.

The City Council's subcommittee on economic development recently received an update on numerous projects totaling hundreds of millions of dollars in new investment within the past 12 months and during the next 12 months in the downtown area.

Much of the investment involves residential projects, such as the Optima Sonoran Village condominium complex (781 units), Gray Development Group's Blue Sky apartment complex (749 units) and Alliance Residential's apartment/retail complex at the Scottsdale Waterfront (259 units).

Optima Sonoran Village has been approved for 493 units but is seeking an additional 288 units. The council on Tuesday will consider amended development standards and a downtown infill-incentive district application for the expansion.

Other complexes will bring even more new residents to the downtown area, such as 369 units at JLB Partners' Portales apartment complex, 160 units in the second phase of ST Residential's Safari Drive condominium complex and 420 units in Zaremba Residential Co.'s Scottsdale Goldwater apartment complex.

"I think the retailers are very excited because anything to activate folks in the community, walking on the sidewalks and frequenting their shops and restaurants, gets them excited," said Ben Moriarity, the city's downtown business specialist.

Brian Kearney, Gray's chief operating officer, said that owning a home is no longer the "American dream" and that more young professionals will be renting instead of buying a home in the foreseeable future.

The first phase of Blue Sky should be under construction by the end of the year, he said.

"The money is there for quality locations like downtown Scottsdale," Kearney said. "This is a proven high-end residential market."

Ian Swiergol, Alliance Residential's managing director, said multifamily is desirable at the Waterfront because of downtown's strong, established amenity base. The Waterfront project is expected to be under construction in the fourth quarter.

"Downtown has such a strong draw, and, historically, it has had a lack of available rentals," he said. "(The goal) is to bring the residential component to the existing retail and office components."

by Edward Gately USA Today May 21, 2012

Scottsdale units may boost customer base -

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