By Angela Gonzales | Phoenix Business Journal
A Canadian developer that builds luxury homes in top resort areas around the world has bought land at The Phoenician to build luxury condominiums, and has sold a portion of that land to Scottsdale-based Cullum Homes, which will build custom homes on the site.
In a deal that closed on Oct. 30, Vancouver-based Replay Destinations purchased 32 acres at the foot of Camelback Mountain from Host Hotels & Resorts, which owns The Phoenician at 6000 E. Camelback Road in Phoenix.
Plans call for developing a $350 million condominium community that will include 195 luxury condominiums called Ascent at The Phoenician, said Gary Raymond, managing director of the Canadian-based developer.
The first 30 golf villa homes will be situated on the first fairway of the new Phoenician Golf Club and adjacent to the gold clubhouse and new Phoenician Tavern Restaurant. They will range from 2,500 to 3,300 square feet and be priced between $1.8 million and $2.8 million.
Records show Replay paid $65 million to Host for the 32 acres, and turned around and sold 51 lots to Cullum Homes for $30 million.
Rod Cullum, president and CEO of Scottsdale-based Cullum Homes, said he bought 51 improved, finished lots from Replay, which is serving as the master developer of the project.
Cullum said he plans to build luxury, custom homes ranging from 3,000 to 4,800 square feet and priced starting in the $2 million to $4 million range and going up from there.
Read More (subscriber content)