Catherine Reagor , The Republic | azcentral.com 7:06 a.m. MT Feb. 25, 2017
Luxury condominiums with prices starting at $1.5 million and higher are going up in north Scottsdale’s Silverleaf community, one of Arizona’s poshest neighborhoods.
The 72-home development called Sterling at Silverleaf is a revamp of an earlier $350 million project announced for the site that would have brought 213 condos to the area.
Scottsdale-based DMB is partnering with The New Home Co. of Orange County, Calif., to develop the homes that will be spread over eight buildings
Jim Hoselton, senior vice president at DMB, said the condos will give a new option to homebuyers who want to be in Silverleaf but prefer a smaller home within walking distance of shops and restaurants.
Construction is scheduled to start later this year on the condos, near Pima Road and Thompson Peak Parkway. The homes will range from 2,900 to 3,400 square feet. Most will boast views of the McDowell Mountains.
Sterling is going up on the last piece of land that can be developed and isn’t a custom lot in Silverleaf. In November, an $11 million estate sold in Silverleaf. It was the second priciest home sale in Arizona history.
Homes in Silverleaf, a neighborhood next to DC Ranch, have been listed for more than $25 million during the past few years.
Pat Moroney, president of The New Home’s Arizona Division, said the new condos are designed for move-down buyers and second homeowners who want “a lock and leave” option.
New Home Co. is also building luxury houses on the former site of the Mountain Shadows resort in Paradise Valley.
Cypress Development’s earlier plans for the 5.8-acre Silverleaf site included nearly three times as many condos and an underground parking garage with a robotic valet.
Construction stalled on that development. DMB, developer of Silverleaf and DC Ranch, partnered with New Home Co. to buy the land earlier this month. The new project won’t have underground parking.
“We approached Sterling like a project you would find at a beach or ski area, and refocused it on the site’s spectacular views,” said Hoselton.
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