Tempe – OliverMcMillan in San Diego, Calif. (Dene Oliver, James McMillan, principals) plans to develop a 258-unit apartment community along the south side of Tempe Town Lake and just north of Arizona State University in Tempe. The company is buying the 3.69- acre site from a venture formed by Sunbelt holdings LLC in Scottsdale (John Graham, pres.). No word on purchase price, but sources say that number will be north of $5 million. The sale, which is contingent on zoning approval and is expected to close around year-end, is being negotiated by Michael Lieb of Michael A. Lieb Ltd. in Phoenix. The project, being called The Lofts at Hayden Ferry, is being designed by MVE & Partners in Irvine, Calif. (formerly known as McLarand Vasquez & Emsiek). Construction on the four-story structure, which will include two levels of underground parking, is expected to start around mid-year 2013. Opening is slated for mid-year 2014, with build out expected to take 18 months. Contractor still to be selected. No word on development cost, unit sizes or projected rental rates. Of the apartments, 12 will be studios, 112 will be one-bedroom, 112 will be two-bedroom and 22 are expected to be three-bedroom units. The project will be the first in the Valley for OliverMcMillan, a privately-held developer. Eric Buchanan, managing director of development for OliverMcMillan, says the company is interested in more real estate development opportunities in the Phoenix area. OliverMcMillan is well-known for developing commercial projects within the Gaslamp Quarter in San Diego. Partner at Rose Law Group, Court Rich, mentions that multi-family development continues to be the hottest thing going. Call Buchanan at (619) 321-1140. Graham is at (480) 905-0770. Lieb is at (602) 870-9741.
