Condominium development finally is coming to a property near
Scottsdale Healthcare Osborn Medical Center after a previous project
stalled for nearly a decade.
The L-shaped property, at 7300 E.
Earll Drive, was rezoned for condominium development in 2005. The
property is south of the medical center and Scottsdale Stadium.
The
previous property owner, Elliott Glasser, requested the rezoning and
planned to build a 99-unit condominium complex. The acreage now houses
an older office and warehouse building.
"He got it all the way
through development review and then never proceeded," said Dan Symer,
senior city planner. "The zoning is still good, but development review
approval is expired, so they would have to come back in for development
review."
Last week, Scottsdale-based Deco Communities, formerly
Starpoint, purchased the 2.4-acre parcel and plans to build a 100-unit
condominium complex with one level of underground parking. It has not
yet submitted any plans to the city's Current Planning Department.
"We
have been looking for a site for quite some time that will provide
homeowners with easy access to Old Town Scottsdale," said Rob Lyles, a
partner at Deco Communities.
This year, Deco purchased a 1.8-acre
property in downtown's entertainment district, which includes a high
concentration of bars and nightclubs, and attracts thousands of patrons
from across the Valley every weekend.
That property also previously was rezoned for condominium development.
Deco
is investing $37 million to build that complex, named Envy, and plans
to invest $31 million to build the complex on Earll. That complex hasn't
been named.
"We like the fact that it's in Scottsdale and we like the fact
that it's very close to all the job centers at the hospital and Old
Town, as well," Lyles said. "We believe that there's strong demand there
for condos right now and we think it will be good for the job market in
Scottsdale as well as the second-home buyers."
Unlike
Envy, which will include 90 high-end units in an eight-story building,
the complex on Earll will be a more traditional condominium complex
aimed at a different demographic, he said.
"Envy is more of the
premium brand in the $400,000 to $1 million price range," Lyles said.
"This will be more in the high $300,000s, so this is just under the Envy
brand. Also, Envy will be right in the middle of the entertainment
district, so somebody will really have to embrace the entertainment
district."
The complex on Earll will be "a little quieter, right
on the fringe of Old Town, but still great access to Old Town, downtown
and the south end," he said.
Both complexes will have the same amenity package, with a fitness facility and pool area.
"We like to add a lot of energy in the amenity areas," Lyles said.
Envy should be under construction by late fall, while the complex on Earll is expected to be under construction next spring.
Condominium development is staging a comeback in downtown Scottsdale after the market dried up during the recession.
"There's
still about 1,500 apartment units going into downtown and we have 200
(condominium units) and a few smaller ones coming in, but definitely the
condo market is going to come back into downtown Scottsdale," Lyles
said. "The income levels are high enough to bring the condo market
back."
The complex on Earll "will appeal to homebuyers looking for
the best the Scottsdale lifestyle has to offer," he said. That includes
"easy access to world-class sports and recreation, outstanding arts and
entertainment, world-class shopping, nationally-renowned restaurants
and nightlife, and key downtown services and amenities in the heart of
the city's walkable grid," he said.
