By Corina Vanek | Arizona Republic
Two luxury apartment complexes are replacing a shuttered furniture store in the Kierland area of northeast Phoenix with monthly rents expected to top out at $4,000 in one and $8,000 in the other.
Artist rendering of Modera Kierland luxury apartment building. – Davis Partnership Architects
The project, called Modera Kierland, is the first under construction in Phoenix for developer Mill Creek Residential. It’s going in at 7171 E. Paradise Lane, the site of the former Ladlow’s Fine Furniture, which was demolished.
Mill Creek bought the 5.7-acre site from Ladlow’s for $43.75 million, according to real estate database Vizzda. Tyler Wilson, managing director of development in Arizona for Mill Creek, said the site had interest from many developers because of its location.
“Developers saw the same potential we saw,” he said. “We all had the desire to plant our flag on a really desirable location.”
The area already has several luxury apartments and condos to the south. Wilson said this project will be unique with green space, retail shops and dining options. He said they aim to bring neighborhood services like a gym, a coffee shop and possibly a restaurant.
A 1-acre green space will run along Paradise Lane in the center of the property for use by patrons of the businesses, residents and the public, Wilson said. The area will have shade and seating and a small pedestal that a performer could use.
The apartments themselves will be two different complexes, one on the east side of the site and one on the west, each marketed to a different demographic with vastly different amenities and price points, Wilson said.
On the western side of the site, the units in the complex will be more like condominium units with larger floor plans, but they will be for rent. The complex is expected to have a high-end chef’s kitchen to organize culinary experiences for residents and luxury health and wellness services.
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