Photograph by Bill Timmerman
Location: Scottsdale, Arizona
March 1, 2006
One of the pioneers in downtown luxury
living is the brick-veneer Third Avenue Lofts, by Avenue Communities in Phoenix.
Completed in summer 2005, the $40 million project comprises 84 upscale
loft-style terrace units within five stories. The homes sold from $950,000
(1,186-square-foot models) to $3.95 million (3,100-square-foot models). “When we
began developing Third Avenue Lofts over three years ago, we were really
stepping out of the box as far as development was concerned in Scottsdale
because no other project of its kind existed,” said Ken Losch, company principal
at Avenue Communities.
Local firm Grace Communities is developing two
projects: X (Ten) Lofts—four stories with 82 loft units ranging from $275,000 to
$900,000—and Portales Place, 143 residential units priced from $800,000 to $4.5
million. The former targets the urban professional—the latter, the
sophisticated, affluent buyer. Both properties emphasize proximity to downtown and ties to its social and cultural life. Similar in tone are the
Residences on Main by Philadelphia’s Toll Brothers City Living, a community of
approximately 62 three- and four-story luxury townhomes and 85 condominiums
adjacent to the vibrant arts district and the refurbished Hotel Valley Ho.; function voidFunc() { } voidFunc();)
Scheduled for completion in 2007, the Scottsdale Waterfront Residences will
include two 13-story towers, housing around 200 luxury units. (Click image to enlarge)
The nearby Main Street Plaza, now under construction, will be a $200
million, 200-unit, four-phase condo and retail project developed by Houston’s
Arruth Associates, and Phoenix entities Pinnacle Development and the Arts
District Group. The first units are scheduled for completion this year. The
development will be physically linked to the Scottsdale Artists’ School, the
city’s new public plaza and transit center and a proposed $7.5 million Main
Street cultural facility. Phase two prices range from $400,000 for one-story
condos to $3.2 million for two-story townhomes. “We’ve designed the community
for Norman Rockwell moments: people, restaurants, window-shopping,” says Alan
Ferris, Arruth’s coprincipal.
Just across from the popular Scottsdale
Fashion Square mall, the Scottsdale Waterfront Residences are part of the
11-acre Scottsdale Waterfront project on the north bank of the Arizona Canal.
The 198 luxury condominiums will occupy 490,000 square feet through twin
13-story towers developed by Phoenix’ Opus West and Scottsdale’s Geoffrey H.
Edmunds & Associates. Prices for the 1,150- to 4,900-square-foot homes range
from the high $400,000s to over $4 million.
Another community, Safari Drive,
is being developed by Scottsdale-based Vanguard City Home, which recently
completed the 23-unit Bon Vie community in downtown Scottsdale. On the site of
the former Safari Resort, Safari Drive is a 4.86-acre waterfront neighborhood
that will include nine boutique buildings, composed of 215 live/work lofts,
flats and townhomes from 800 to 2,400 square feet, as well as a gourmet
market/café. The homes will sell from the mid $400,000s to $2 million.
Completion of the initial buildings is scheduled for October 2006. Safari
Drive’s live/work units will provide an opportunity for artists, designers and
other professionals to live above their businesses spaces. Says Vanguard
coprincipal Chris Camberlango: “Safari Drive is a community that will become the
most sought-after address in downtown Scottsdale.”
Downtown is also making
room for hotel-condos. Scheduled to open in July 2007, the $90 million W
Scottsdale Hotel will include 18 condos on the top one-and-a-half floors
developed by Triyar Hospitality of Los Angeles and Phoenix. The homes will range
from 1,400 to 2,500 square feet; prices have yet to be determined.
The hotel
portion of the renovated Hotel Valley Ho, built in 1956 (it is listed on
Scottsdale’s historic register), opened in December 2005. Scottsdale developers
Westroc Resorts & Hotels purchased the property in 2002. In addition to its
194 boutique hotel rooms and two restaurants (including a Trader Vic’s), the $75
million remodeled property will include 37 residences in the Hotel Valley Ho
Residential Tower: two-story lofts, one- and two-bedroom condominiums and seven
penthouse suites. Residential units will range from 1,170 to 2,000 square feet and will sell for $600,000 to $1.7 million.
“Vertical living has become an accepted and sought-after lifestyle in
downtown Scottsdale,” says Mark Himsl, vertical living specialist with Russ Lyon
Realty, broker for the Valley Ho. “Many of our buyers find they need a place in
the city to entertain, stay the night after attending the opera, theater, sports
games or enjoying a restaurant in Old Town Scottsdale.” Owners at the Valley Ho
can opt into the hotel’s rental program, which will cover maintenance issues and
arrange rentals. All residences at the Hotel Valley Ho have been reserved, and
there is a 500-name waiting list.
Quick sellouts are now the norm in downtown
Scottsdale—Mackey Martin says she is seeing buyers with cash in hand: “The
problem for consumers is not their ability to purchase because of high prices,
but the builders’ ability to furnish inventory.
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