37 Million Midrise Luxury Condo Project Headed For Downtown Scottsdale

37 Million Midrise Luxury Condo Project Headed For Downtown Scottsdale

$37 Million Midrise Luxury Condo project headed for Downtown Scottsdale!

A $37 million midrise condominium project is planned for Old Town Scottsdale, marking the re-emergence of a market sector that has been largely dormant for several years.The eight-story project, called Envy, will be located on roughly a one-acre lot at 75th Street just south of Camelback Road. It will feature 90 for-sale condo units ranging from 800 to 1,750 square feet and starting at $425,000.There will also be three levels of subterranean parking, a 4,000-square-foot fitness facility with a lounge and juice bar as well as a rooftop saltwater pool and deck with cabanas and 360-degree views.Envy is being developed by Scottsdale-based multifamily developer Deco Communities, which unveiled its plans in a statement today, along with joint-venture partners Castlelake of Minneapolis and Isles Ranch Partners of California.Deco is aiming for a 2016 completion date, but will begin accepting reservations this summer.“Envy is luxury for the next generation, catering to the affluent millennial that wants to be at the center of Scottsdale’s electrifying 24-hour atmosphere,” Rob Lyles, partner of Deco Communities, said in the statement. “This is the next generation of luxury living in the heart of the city’s core.”Envy comes at a time when the local and national for-sale condo and townhome market has had a much more difficult time rebounding from the housing bust than the single-family sector, said housing expert Michael Orr, the director of Arizona State University’s Center for Real Estate Theory and Practice.Thus, new condo development has been minimal in recent years. And with the rental market still strong, most of the condo-turned-apartment projects have also not been converted back to their original use, he said.
http://www.bizjournals.com/phoenix/news/2014/04/08/37-million-midrise-luxury-condo-project-headed.ht...


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Dated: April 9th 2014
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