Crescent to Build Scottsdale Quarter’s First M-F Project

By Amalia Otet, Associate Editor

Glimcher Realty Trust and Crescent Communities, a Charlotte, N.C.-based real estate investment, development and operating company, announced plans May 7 to team up on a 275-unit luxury apartment community in Scottsdale.

The property will be the first residential component of Scottsdale Quarter, the 28-acre mixed-use development located on the southeast corner of Scottsdale Road and Greenway-Hayden Loop. All told, Scottsdale Quarter comprises 370,000 square feet of retail, restaurant and entertainment space and 203,000 square feet of office space.

Crescent Communities will develop the residential project along Greenway-Hayden Road on Scottsdale Quarter’s Northeast corner. The property will offer modern décor and such upscale amenities as an elevated resort-style pool and a two-story fitness center with views of McDowell Mountains. Construction is expected to begin in late 2013.

In other multi-family news, Redstone at SanTan Village, the first luxury multi-family project to open in Gilbert in five years (pictured at right), has started signing leases.

Located at 1925 S. Coronado Road, the $45 million project incorporates resort-style features including granite countertops, stainless steel appliances, walk-in closets, attached and detached private garages, and high-speed internet connections.

Other amenities at the 382-unit community include a 24-hour fitness center with club-quality equipment, an elevated spa area with a fireplace and flat-screen televisions, poolside cabanas, outdoor lounge areas, free Wi-Fi and a children’s playground area.

Del Mar, California-based LWI Properties is the developer of the project, which was built by hardison/downey construction inc. and managed by Mark-Taylor Residential. Financing was provided by Union Bank.

Photo: Mark-Taylor Residential

Bascom Group Pays $35M for Downtown Chandler M-F Asset

By Amalia Otet, Associate Editor

An affiliate of Irvine, Calif.-based Bascom Group L.L.C. has completed the $35.2 million acquisition of The Fairways, a 352-unit Class A apartment community located in Downtown Chandler.

Cliff David and Steve Gebing of Marcus & Millichap Real Estate Investment Services Inc. represented the seller; Bascom Group was self-represented. Gary Mozer and Katie Rodd of George Smith Partners, along with Brian Eisendrath and Brandon Smith from CBRE Inc., arranged the equity and financing for the purchase. MEB Management Services will serve as the onsite property manager, according to RENTV.com.

Located on a 20-acre site, the asset comprises one-, two- and three-bedroom units averaging 965 square feet in size and featuring electric kitchens, nine-foot-high ceilings, full-sized washers and dryers, walk-in closets and private patios or balconies. Select units offer wood-burning fireplaces, vaulted ceilings, separate storage spaces, tuck-under carports, direct-access garages and lightly upgraded interior finishes.

In other suburban Phoenix multi-family news, thePhoenix Business Journal reports that San Diego-based OliverMcMillan plans to break ground later this year on a $50 million luxury apartment community along Tempe Town Lake.

Dubbed The Lofts at Hayden Ferry, the development will be located east of Mill Avenue on Rio Salado Parkway at Tempe Town Lake. Plans call for a four-story, 264-unit property offering a variety of floor plans plus two levels of underground parking.

Image courtesy of Google maps

Sky Harbor Launches $1.58B Automated Rail System

By Amalia Otet, Associate Editor

Phoenix Sky Harbor International Airport marked a major milestone April 8 with the opening of the $1.6 billion PHX Sky Train system. Officials are touting the system as a catalyst for transit-oriented development and establishing a sustainable platform for growth.

The automated electric train will operate around the clock, transporting passengers between the 44th Street and Washington METRO light rail, the East Economy parking area and the 88-gate Terminal 4, which handles 80 percent of Sky Harbor’s passengers.

Designed by Gannett Fleming, the rail system will cut Sky Harbor’s greenhouse gas emissions by nearly 6,000 tons per year. The three stations, which were designed by HOK, will consume 30 percent less power than comparable conventionally designed projects, according to.HOK news.

For example, the elliptical form of Sky Train’s 44th Street station allowed a 30 percent reduction in the volume of structural steel. Moreover, the elliptical shell functions as a high-performance envelope, protecting passengers from the extremes of the desert climate.

Sky Train is the first automated people-mover to earn LEED Gold certification from the U.S. Green Building Council. By early 2015, Sky Train is scheduled to extend to Terminal 3 with a walkway to Terminal 2. In its final stage of construction, the train system will continue to the Rental Car Center.

Images courtesy of HOK

Macy’s Plans $35M Expansion for Goodyear Fulfillment Center

By Camelia Bulea, Associate Editor

Macy’s Inc. plans to start a $35 million expansion of its online fulfillment center in Goodyear this summer, the retailer said on March 21. When completed next spring, the project will add 360,000 square feet to the five-year-old facility, increasing its size to 960,000 square feet.

“Our online fulfillment centers, as well as the 500 Macy’s stores that will be equipped to fulfill orders by the end of 2013, handle customer orders placed online, as well as ship products to customers who shop in stores that may not stock the specific product they need,” said R.B. Harrison, Macy’s, Inc.’s chief omnichannel officer.

“Goodyear already is a state-of-the-art fulfillment center, and this expansion will allow us to scale up its capabilities to handle the higher level of volume expected in the years ahead,” Harrison said.

The announcement comes in response to sales growth. Jim Sluzewski, a spokesperson for the retailer, said that online sales increased 50 percent year-over-year in 2012, according to AZCentral.com. About 500 employees work at the center, and the company plans to hire about 125 more workers for stocking and shipping and receiving, added AZCentral.com.

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Gilbane, P.B. Bell Launch Upscale 389-Unit M-F Complex in Chandler

By Camelia Bulea, Associate Editor

Gilbane Development Co. and P.B. Bell Cos. have kicked off construction of Almeria at Ocotillo, an upscale 389-unit apartment community in Chandler.

Scheduled to open in the first quarter of 2014, the complex is being developed as part of The Waters at Ocotillo, a 74-acre mixed-use development adjacent to Downtown Ocotillo.

Corporate heavyweights such as Intel, eBay, PayPal and Wells Fargo have generated strong economic growth in the area, the developers noted. “Almeria at Ocotillo will cater to the most discerning of residents, with its high-quality Santa Barbara style design, gorgeous landscape and outstanding amenities,” said Bob Gilbane, chairman and CEO of Gilbane Development.

The gated complex will offer one-, two- and three-bedroom options. The units will feature nine-foot ceilings, granite countertops, walk-in closets, balconies and other features.

Common amenities will include large open spaces with picnic areas and gas grills, two heated pools and a spa, two fully-equipped athletic centers, a children’s play area and splash pad, and lounges with theater room, fireplace and flat-screen TVs.

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