By: Daniel Benson; Belfiore Real Estate Consulting
A prime Tempe Town Lake parcel, which has been entitled for a 26-story, 196-unit high-rise condominium, traded hands yesterday. The parcel, which has been planned as Onyx Tower Condominiums (click here to view the recorded condo plat), is located at the southeast corner of Playa Del Norte Drive and Scottsdale Road on the north bank of Tempe Town Lake.
According to public record (click here to view the affidavit), Jefferson Town Lake Holdings GP LLC closed on this approximate 1.4 acre site on October 14, 2014 for $4,150,000 ($2,964,286 per acre / $21,173 per planned unit). The seller in the transaction was PDN Group LLC (Pecunia Holdings LLC). PDN originally closed on the site just over one year ago on October 7, 2013 (click here to view the affidavit) for $3,000,000 ($2,142,857 per acre / $15,306 per unit).
