Business Real Estate Weekly by Rose Law Group
Scottsdale – A venture formed by Deco Communities LLC in Scottsdale (Rob Lyles, Patricia Watts, Dan Richards, principals) plans to develop a 8-story residential tower in Old Town Scottsdale that will have 90 for sale condominium units. The planned project, called Envy, is being developed in a joint venture including Isles Ranch Partners in Newport Beach, Calif. and Castlelake L.P. in Minneapolis, Minn. The $37 million project is targeted for a 1-ace parcel located south of Camelback Road at 4244 N. 75th Street. Maricopa County records show DS Deco Envy LLC (Deco venture) paid $4.05 million to acquire the site, which has zoning in place for 112 residential condominiums in a structure of up to 90 feet. The seller was Hewson 75th Street LLC in Los Angeles, Calif. (Gary Hewson, Jr., manager). The cash transaction was negotiated through Dave Fogler, Steve Nicoluzakis and Don Arones of Cassidy Turley in Phoenix. The property is now occupied by a 4,397-square-foot building leased to The Lodge, a bar and restaurant in Old Town Scottsdale. That project, which was developed in 1993, had previously been operated as a First Watch restaurant. In July 2007, BREW reported Hewson paying $1.452+ million to buy the property and considering redeveloping the site for residential use. Hewson took the land through the entitlement process in Scottsdale and obtained zoning approval before deciding to sell the parcel. Plans from Harley Ellis Devereaux in Los Angeles, Calif. show studio, one- and two-bedroom units ranging from 800 sq. ft. to 1,750 sq. ft. Continue reading
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