You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur. FOR OVER 20 YEARS, I HAVE WORKED EXTENSIVELY WITH OWNERS AND BUYERS IN LAND, COMMERCIAL AND INVESTMENT REAL ESTATE IN PHOENIX, TUCSON AND THROUGHOUT ARIZONA. PLEASE LET ME KNOW HOW I CAN HELP YOU. Call me if you want to sell your property and need an estimated value.
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Walter Unger CCIM – cell: 520-975-5207 – walterunger@ccim.net
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Corina Vanek Arizona Republic 10/16/2023
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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.
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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.
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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Offices, restaurants underway
With high levels of residential construction, commercial development, such as restaurants, retail and services, will be the next step, Moser said.
“We have been in discussions for more than a year on restaurant concepts,” Moser said. “At the end of the day this will be highly amenitized, with a lot of sit-down restaurants and a lot of employment.”
Most of the land north of Legacy Boulevard has already been purchased and planned for development and will include some of the commercial uses. There is a little more than 30 acres remaining on the southern portion of the site.
Ryan Cos., a Minnesota-based developer, in building a medical office building north of Legacy Boulevard, and already has leased space in the building to City of Hope, an organization that focuses on cancer, diabetes and other life-threating conditions, and Exalt Health, which will offer post-acute care rehabilitation services. That building is expected to be completes in the third quarter of 2024.
A retail and restaurant building is also in the works north of Legacy. Phoenix-based Christifulli Cos. bought the two acres of land and plans to build about 11,000 square feet of restaurant and shopping space.
Another medical office building, south of the Ryan Cos. building, has submitted plans to the city of Scottsdale’s Development Review Board to build a Natural Results Plastic Surgery and Medical Spa building, Michael Burke, senior vice president of commercial development for DMB, said.
A QuikTrip gas station is planned south of that building on the corner of Scottsdale Road and Legacy Boulevard.
Resort, more offices and restaurants sought
“We are working with a couple of groups for different uses,” Burke said. “We are getting development underway with the residential base that the commercial users need.”
One of the main desires remaining for the area is a 20-acre resort hotel, he said. The company has been in discussions with different hospitality groups, but so far has not announced a resort developer.
A Hilton Home2Suites has already been built on the northern portion of the site, so there is room for a more high-end, full-service resort, Burke said.
“High-end is where we think the market wants to go,” he said.
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North 101 corridor development heating up
The latest fast-paced development at One Scottsdale has been decades in the making. Prior to the Great Recession, DMB had been working with mall owner Macerich on the development.
The first building built on the site as the former Dial headquarters, which has since been rebranded to be called Ilume and is being converted into a life sciences office and lab space. Two apartment buildings on the northern portion of One Scottsdale were built following the recession, Jill Hegardt, vice president of entitlements for DMB, said.
“In the last couple of years, the project and the area has really started to get traction,” she said. “You’ve got the freeway access and it’s close to the Scottsdale Airport.”
One Scottsdale is west of Cavasson, a 134-acre mixed-use development being constructed by Nationwide Realty Investors, the real estate arm of Nationwide Mutual Insurance Co. A hotel, some office buildings and restaurants are already open on that site, which is planned for more uses, including apartments and senior living.
Reach the reporter at cvanek@arizonarepublic.com. Follow her on X, formerly Twitter @CorinaVanek.
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Walter Unger CCIM – cell: 520-975-5207 – walterunger@ccim.net
CONTACT ME IF YOU WANT ME TO GET YOU THE VALUE OF YOUR PROPERTY
FROM ME: FOR OVER 20 YEARS, I HAVE WORKED EXTENSIVELY WITH OWNERS AND BUYERS IN LAND, COMMERCIAL AND INVESTMENT REAL ESTATE IN PHOENIX, TUCSON AND THROUGHOUT ARIZONA. Now is the time, if you are thinking of selling or purchasing your Land or Commercial Building in Phoenix, Scottsdale, Maricopa County, Pinal County, Arizona / Office / Retail / Industrial / Multi-family / please call me on my cell 520-975-5207 or e-mail me walterunger@ccim.net. Investors and Owner / Users need to really know the market today before making a move. The market has a lot of moving parts. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands your needs. I am marketing my listings on Costar, Loop-net, CCIM, CREXi, Catylist, and various other web sites. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also international
DISCOVER WHAT IS HAPPENING IN ARIZONA
History of Arizona from 900 BC – 2017 -Timeline.
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Walter Unger CCIM – cell: 520-975-5207 – walterunger@ccim.net
CONTACT ME IF YOU WANT ME TO GET YOU THE VALUE OF YOUR PROPERTY
Walter Unger CCIM – cell: 520-975-5207 – walterunger@ccim.net
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CLICK HERE TO VIEW ALL MY LISTINGS.
Are you ready to sell or purchase your Land or Commercial Building in Phoenix, Scottsdale, Maricopa County and Pinal County, Arizona, please call me?
Walter Unger CCIM
Associate Broker
West USA Commercial Division
14350 N. 87th. Street, Suite 180
Scottsdale AZ, 85260
Phone: 480-948-5554
Cell: 520-975-5207
History of Arizona from 900 BC – 2017 -Timeline.
History of Arizona from 900 BC – 2017 -Timeline.
WHY PHOENIX? AMAZING!!! POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”
Walter Unger CCIM – walterunger@ccim.net – 1-520-975-5207 – http://walter-unger.com
Timeline of Phoenix, Arizona history
Facts of Arizona – year 1848 to 2013
CLICK HERE: Arizona Opportunity Zones As We Understand /maps. Interested!!! Please contact me.
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.
Walter Unger CCIM
Associate Broker
West USA Commercial Division
14350 N. 87th. Street, Suite 180
Scottsdale AZ, 85260
Phone: 480-948-5554
Cell: 520-975-5207
FOR OVER 20 YEARS, I HAVE WORKED EXTENSIVELY WITH OWNERS AND BUYERS IN LAND, COMMERCIAL AND INVESTMENT REAL ESTATE IN PHOENIX, TUCSON AND THROUGHOUT ARIZONA. PLEASE LET ME KNOW HOW I CAN HELP YOU PLEASE CALL ME
CLICK HERE TO VIEW ALL MY LISTINGS.
Also Call me if you need an estimated value of your Property.
Call me if you want to see a map with what is in the Construction Pipeline for Apartments.
Prefer cell: 520-975-5207, or email me walterunger@ccim.net. CLICK HERE TO VIEW ALL MY LISTINGS.
Check out my professional profile and connect with me on LinkedIn.
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
Please reply by e-mail walterunger@ccim.net or call me on my cell 520-975-5207
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