Catclar Investments closes on ‘SOHO Scottsdale’ site for $4.1M

SoHo-Scottsdale-the-project-stands-for-“small-office-home-office.”-The-proposal-has-been-referred-to-at-meetings-with-city-officials-as-Bahia-Work-Live-Play-Project.-Rendering-Catclar-Investments-LLCBy Daniel Benson | Belfiore Real Estate Consulting

After an entitlement escrow period allowing Catclar Investments to receive approval for two non-major general plan amendments, the developer has now closed on the site slated for its “Soho Scottsdale” mixed-use project.  According to public record (click here to view the affidavit),  Bahia Live/Work Lofts and Townhomes LLC (Catclar Entity) closed on the approximate 5.1 gross acre site on February 17, 2015 for $4.1 million ($808,500 per acre/$52,863 per planned unit). The site is located in north Scottsdale at the southwest corner of Bahia Drive and 92nd Street.

According to development submittals (click here to view the project submittal), the “Soho Scottsdale” project is planned as a mixed-use “work/live” project.  Catclar’s site plan includes 64 three- and four-story residential townhomes each with a first floor office/studio space. The plan also includes a 14-unit, four-story residential condominium building, which also includes ground level retail and services space.

Each townhome will have an attached two-car garage (128 spaces), and underground parking will be provided under the condominium building (34 spaces).  Catclar received City Council approval for the general plan non-major amendments, the zoning district map amendment, the development plan, and a development agreement, December 2, 2014.

So Ho

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February 2015