By Philip Haldiman, Editor-in-Chief | Dealmaker
The Borgata shopping center may be gone, but up-scale sensibilities will remain near the corner of Scottsdale Road and Lincoln Drive.
So will the name.
Construction has just begun on the Enclave At Borgata, a three-building, 86-unit luxury condominium community where the high-end shopping center was.
Units start in the mid-$700,000s and floor plans range from 1,500 square-feet to about 5,400 square-feet for a limited number of penthouse units.
Michael Jesberger, developer and principal of TerraWest Communities, said pre-sales began in February, with more than 16 percent sold.
He said the project is appealing to affluent empty nesters and second home buyers.
Move-in could begin the third quarter of 2016, Jesberger said.
“Compared to a typical condominium project, the units at the Enclave at Borgata are much larger — our average size unit is over 2,300 square-feet,” he said. “It also offers a more intimate setting, and each home will have a very high level of fit and finish, much like you’d find in custom luxury homes, and it’s set off from Scottsdale Road, so you get more of a traditional neighborhood feel.”
The project is being developed by Antera Development, and Wespac is the general contractor.
They are planning for commercial grade steel and concrete buildings with an emphasis on quality construction, privacy, sound barriers and lifestyle.
Grocery stores, retail and dining are within walking distance to the community, which is adjacent to Paradise Valley. On-site amenities are planned to include a gated entry, 24-hour staffing, clubroom, fitness studio, outdoor pool, demonstration kitchen, water features, barbecue and outdoor entertainment areas, dog park and a walking path.
Jim Belfiore, president of Belfiore Real Estate Consulting, said Enclave at Borgata has been an instant success.
“This project proves the market for high-end, luxury condominiums has returned to yet another part of the metro Phoenix area,” he said. “Thoughtful, premium, attached product in “A” locations, as now demonstrated by Borgata, Envy (to the south), and Portland on the Park (in downtown Phoenix) has a firm foothold in the market.”
Alliance Bank of Arizona, (Don Garner, John Eldean and Paul Engler), is providing the project financing. Equity is provided by a partnership of JEN Partners LLC and Morgan Stanley Alternative Investment Partners.
A preview center is open daily at 6176 N. Scottsdale Road, between Blanco Tacos + Tequila and Paul Martin’s American Grill.