Business Real Estate Weekly by Rose Law Group
Scottsdale – After picking up the pieces and deciding to complete two broken multi-family projects in the Valley, iStar Residential hopes to do the same with the Artesia community in Scottsdale. In fact, the division of iStar Financial is so confident in the potential for the project, that the company wants to add another 204 units to the community. If successful in its zoning request, the 480 residences now approved at Artesia would be expanded to 684 housing units. The 44-acre site of the project, which was previously occupied by the Scottsdale Radisson Resort, is located along the east side of Scottsdale Road and just north of Indian Bend Road. Starpointe Communities developed the first phase of Artesia, which included 93 residences, 22,500 sq. ft. of retail space and an underground parking structure. The development stalled during the recession and iStar Financial foreclosed on the property in 2011. Starpointe defaulted on $70 million in loans that were secured by the retail component, parking facility and undeveloped land targeted for another 387 housing units. Continued
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