Deco Communities is developing a $31 million, 100-unit condominium complex in Old Town Scottsdale.
The Scottsdale-based apartment and condo developer acquired three vacant land parcels near Earll Road and Drinkwater Boulevard, just south of Scottsdale Stadium. Deco is looking to start construction next year on condos that will have starting prices at $299,000.
“Downtown Scottsdale is experiencing strong demand for new condominiums,” said Deco partner Rob Lyles. “Our latest project will bring 100 brand-new condominiums to an area of Scottsdale that has not seen new construction since 2008.”
Deco also has another Scottsdale condo on the drawing board off 75th Street near Scottsdale Road. A number of other apartment developments also are in the works in the Old Town area, including a large project by Alliance Residential Co.
IStar Financial — which owns the Westgate Entertainment District in Glendale — also has a $35 million condo development under construction near Scottsdale and Chaparral roads.
A number of condo developments in Scottsdale, Tempe and downtown Phoenix failed during the recession and commercial real estate lender Mortgages Ltd.’s infamous collapse. Some of those pre-recession condos are now post-recession apartments.
Scottsdale officials hope more residential developments in the Old Town and Scottsdale Fashion Square area will have spillover benefits in south Scottsdale, which is looking for redevelopments along Scottsdale and McDowell roads.
“Once more residential communities are in place, the retail will return,” said Scottsdale Councilwoman Virginia Korte. “South Scottsdale will re-establish an identity, a real sense of place as a destination with everything people want.”
Deco specializes in urban, often infill type developments in Phoenix and Las Vegas.
The Scottsdale real estate company recently opened its sixth cabana-style apartment complex on Seventh Street near Missouri Avenue in Phoenix.
“The Seventh Street corridor is one of the most vibrant areas of Phoenix and we are thrilled to be part of the transformation of the area that is making it a residential destination and giving the neighborhood a unique identity that fuses its historic roots with trendy hangouts and amenities,” Lyles said.
Deco acquired an existing complex in November and put $300,000 toward improvements and making the property more appealing to young adult renters.
Source: Phoenix Business Journal
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