By Corina Vanek | Phoenix Business Journal
Since forming Banyan Residential last year, the Los Angeles company has focused on buying and developing properties in “opportunity zones.” That meant the 33-acre Scottsdale Entrada became the perfect opportunity.
Max Friedman, partner at Banyan Residential, told the Business Journal that he and his business partner, Banyan CEO Ben Brosseau, already had relationships with people in the real estate industry in Phoenix, so it made sense for the group to develop in the Valley.
“With such a big vacant lot, it’s really interesting, a once-in-a-lifetime opportunity,” Friedman said of the company’s plans to redevelop the Entrada. “We are going to take a very deliberate approach to create a true mixed-use campus. It’s pretty unusual to be able to develop an urban-style project on a property this large.”
“Scottsdale Auto Park’s redevelopment – Entrada – is a great example of opportunity zones at work, turning 33 acres of vacant land into a large mixed used project.” ~ Dan Gauthier
