Deco Communities eye $31 million Scottsdale condo project
Scottsdale-based real estate developer Deco Communities has acquired three vacant land parcels to develop new condominium projects representing a total sell-out value of than $120 million.Last week Deco closed on its latest project, a 2.4 acre site in Scottsdale that will be home to a new 100 unit, to-be-named, condominium project. at 7300 E. Earll Road, according to a press release.
The $31 million project will offer contemporary-styled residences in the heart of Old Town Scottsdale, the release states.
“Downtown Scottsdale is experiencing strong demand for new condominiums,” said Rob Lyles, partner for Deco Communities, in a prepared statement.
“Our latest project will bring 100 brand new condominiums to an area of Scottsdale that has not seen new construction since 2008,” he said.
A number of developers have announced new projects designed to facilitate the redevelopment of the area between McDowell and Osborn Roads, the release states.
“Once more, residential communities are in place, the retail will return,” said Scottsdale Councilwoman Virginia Korte. “South Scottsdale will re-establish an identity, a real sense of place as a destination with everything people want.”
With Scottsdale Healthcare Osborn Medical Center, Scottsdale Stadium and the Old Town Scottsdale Farmer’s Market within walking distance, this project will appeal to homebuyers, Deco officials contend.
Daniel Gehman of Los Angeles-based Harley Ellis Devereaux will lead the project’s design.
Private Label International, a Valley-based interior design firm specializing in cultivating lifestyle experiences through strategic design will curate the interior and exterior spaces.
The building itself will be a four story wood frame with a one-level underground parking garage, the release states.
The property will offer several floor plans ranging from an approximate 800-square-foot, one-bedroom plan up to an approximate 1,400-square-foot two-bedroom with den plan.
The community will offer state-of-the-art amenities including an sprawling courtyard pool and spa, health-club inspired fitness facilities, WI-FI common areas, City of Scottsdale recycling, bicycle storage, electric car charging stations and secured underground parking.
“This project appeals to the Scottsdale buyer looking for an extremely high-quality new build product that delivers luxurious city living and an impeccable investment in the heart of Scottsdale’s most desirable area,” Mr. Lyles said.
The project is expected to break ground in Spring 2015, the release states.
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