VIZZDA — Alliance Residential has purchased the fully entitled 2-part mixed-use project planned for Old Town Scottsdale titled Industry West and Industry East. The project totals 3.96 net acres, collectively traded for $18.5m or $107.27 per square foot of land, and is planned for 344,132 square feet of mixed-use development featuring 316 residential units. Bank of America has financed a $47.45m construction line of credit for the two sites. The seller was a joint partnership between Steven & Shawn Yari of Triyar Company (70% interest) and Scott Solomon of Pan Am Equities based out of New York City (30% interest).
The western building is to be 150,430 square feet on 1.74 acres, made up of 133 residential units, 1,659 square feet of ground floor retail. — The eastern building will be 193,702 square feet on 2.22 acres, with 183 residential units and 1,815 square feet of ground floor retail.
