Phoenix Business Journal by Jan Buchholz, Reporter
An apartment complex and boutique shopping area at a high profile corner in Scottsdale are one step closer to reality.
By a vote of 5-2, the Scottsdale City Council this week approved a plan for Alliance Residential Co. to build 264 high-end units on 5.3 acres of land at the northwest corner of Scottsdale Road and Lincoln Drive. Some 23,000 square feet of retail space will front Scottsdale Road as part of the project, according to Michael Lieb, the broker handling the deal.
Alliance still has to purchase the land, Lieb said. The Phoenix-based apartment developer will pay a little more than $10 million for the 5.3 acres. The seller is Covington Asset Management in Scottsdale, which will retain ownership of the retail portion of the development. The closing on the residential site is expected to occur in the next two months, Lieb said.
There are a number of garden office buildings on the site, which will have to be demolished for construction.
Officials for Alliance declined to be interviewed for this story.
Lieb said competition for that parcel was fierce.
“There were 11 offers besides Alliance,” Lieb said.
He expects competition for retail spaces will be fierce, too. Already national and local retailers and restaurants are inquiring, he said.
“Can you imagine the interest for that location?” Lieb said.
Jan Buchholz covers commercial and residential real estate, construction, architecture and transportation.
source: Phoenix Business Journal