By Corina Vanek | Arizona Republic
A 120-acre parcel in north Scottsdale is quickly selling out to developers, who plan to build a mix of apartments, condos, offices, a resort and restaurants on the site.
The project, called One Scottsdale, has four multifamily developments, a medical office building and a restaurant and retail building under construction, with other projects, including another medical office building and a gas station have submitted plans to the city and are in the process of zoning hearings.
Once built out, One Scottsdale could include 1,250 multifamily units, more than 1.5 million square feet of commercial uses, including offices, retail, restaurants and services and about 400 hotel rooms. The master developer, DMB Associates, has sold several pieces to be developed, and is still seeking a resort developer and additional commercial for the remaining land.
But already, there is a lot going on in that corner of north Scottsdale.
The site is located north of Loop 101 and Scottsdale Road and includes land on both the north and south of Legacy Boulevard.
More than 1,000 units in the works
StreetLights Residential, a Texas-based apartment developer, is in construction on a 314-unit luxury apartment complex. Brent Moser, one of the real estate brokers representing One Scottsdale’s developer, DMB Associates, said pre-leasing for StreetLights’ building will begin in about eight months.
Artist rendering of apartments being constructed at One Scottsdale by StreetLights Residential.
Three other multifamily developers, one building condominiums and two building apartments, have closed on land in the area, with one under construction and two planning to break ground soon.
Portico, a condo complex that is being developed by Chicago-based Belgravia Group is pre-selling units and is under construction on their site. The group bought about five acres of land at One Scottsdale at the end of 2022 for $10.8 million, according to real estate database Vizzda. Moser said Belgravia is already looking at a second phase of condos at the site, after already reaching about 70% pre-sold.
Condos at Portico range in size from one to four bedrooms and will range in price from the mid $900,000 range to more than $1.6 million.
Talos Holdings, a Scottsdale-based apartment developer, has plans to build a 352-unit luxury apartment complex on about six acres just south of Legacy Boulevard, north of where StreetLights is building. Talos closed on its land in July of 2022 for $20.5 million, according to Vizzda.
The most recent closing for apartments at One Scottsdale was Grand Peaks’ purchase of 3.2 acres at the southeastern portion of the site, which closed in September 2023. The Colorado-based company paid $22.75 million, according to Vizzda, and plans to develop a five-story apartment complex with about 280 units, Moser said.
The whole master plan of One Scottsdale was zoned to allow 1,250 multifamily units, meaning there is likely room for only one more apartment or condo development, said Mike Sutton, another broker representing DMB in the land sales at One Scottsdale.
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