By Angela Gonzales | Phoenix Business Journal
Scottsdale-based Optima Inc. is planning a $1 billion luxury residential community in north Scottsdale with 1,500 units — the largest of its projects to date.
The luxury developer has submitted its pre-application with the city of Scottsdale to begin the approval process for the project at the southeast corner of Scottsdale Road and Loop 101.
Optima McDowell Mountain Village is proposed at the SE corner of Scottsdale Rd and Loop 101.
“This process is just starting,” said David Hovey Jr., president, COO and principal architect of Optima.
“We anticipate when completed the project will have a total capital investment in the neighborhood of $1 billion,” he said. “We currently are evaluating options for both construction lenders and capital partners.”
To the west of that parcel is an 85-acre commercially zoned vacant parcel currently owned by the Arizona State Land Department. That parcel is scheduled for auction on April 13, with a minimum bid of $61.85 million.
“From a residential standpoint, this really creates a great place to have residential development,” Hovey said.
Hovey teamed up with his father David C. Hovey to design Optima McDowell Mountain Village, which is composed of six concrete-framed condominium and apartment buildings totaling 1,500 units, along with 31,000 square feet of commercial space. Optima is the developer, architect, general contractor, property manager and sales broker for the project.
Optima is under contract on a 21.88-acre parcel, with escrow expected to close in December, Hovey said.
The project calls for 100% underground parking, enabling 80% open space at grade level, he said.
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