November 17, 2024 1:40 pm
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Crescent developing $60+ million apartment project at Scottsdale Quarter

Scottsdale – A venture formed by Crescent Communities in Charlotte, N.C. (Todd Mansfield, pres.) and Glimcher Realty Trust in Columbus, Ohio (NYSE:GRT, Michael Glimcher, CEO) paid $9.25 million to acquire a parcel within the Scottsdale Quarter mixed-use project that is planned for 276 apartments. Glimcher announced plans in May to develop the upscale rental units with Crescent Communities after a deal with a previous developer partner fell through. Records show Crescent – SDQ III Venture LLC (Crescent/Glimcher entity) acquired the parcel with a $45.525 million acquisition and development loan from Regions Bank. The seller was SDQ III Fee LLC, a company formed by a subsidiary of Glimcher Realty. The publicly-traded real estate investment trust (REIT) is the developer of the hugely successful Scottsdale Quarter, which is one of the hottest spots for entertainment, restaurants and shopping in the Valley. The 28.61-acre Scottsdale Quarter development is located at the southeast corner of Scottsdale Road and Greenway-Hayden Loop. The high-end multi-family project, being called Crescent Scottsdale Quarter, is expected to be open by Spring 2015. Continue reading

 

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.