BREW is reporting that a one-of-a-kind live/work project planned in north Scottsdale is on track for a summer construction start date now that the developer has acquired the mixed-use site.
SOHO Scottsdale, a residential-commercial-retail complex, is being developed by a joint venture formed by Catclar Investments LLC in Scottsdale (Irene Catsibris Clary, principal), H&S International LLC in Scottsdale (Bing Hu, principal) and Valley businessman Jerry Moyes. The upscale townhomes and loft condominiums - all with zoning in place to allow business use - will be developed on a prime parcel located east of the 101 Loop and south of Bell Road. Bahia Live/Work Lofts and Townhomes LLC (Catclar venture) paid $4.123 + million ($916,000 per acre or $21 PSF) to buy the 4.5-acre site, which is located at the southwest corner of Bahia Drive and 92nd Street.
The seller was Spensa Arizona VI LLC in Excelsior, Mn. (Greg Engel, principal). Clary, who houses her real estate development firm in an office building located across the street from the SOHO site, says she first took notice of the property 12 years ago. Fast forward the calendar by more than a decade and Clary finds herself leading a formidable group that will develop a $50 + million, multi-building complex on the land. Maricopa County records show the Catclar entity acquired the property using a $38 + million credit line issued by the Jerry And Vickie Moyes Family Trust.
SOHO, which stands for "small office home office", will have an urban environment where people can truly live, work and play. Catclar has a niche speciality as an innovative, out of the box developer of townhomes in the Valley and in Toronto, Ontario, Canada. Hu, who trained at Taliesin, the Frank Lloyd Wright School of Architecture, has designed numerous residences in north Scottsdale.
Moyes, who is CEO of Swift Transportation in Phoenix, has vast business interests in the Valley, and has now been an equity partner with Catclar on three residential investments.
SOHO Scottsdale will include 64 townhomes and 10 loft-style condominiums. The for-sale residences will all be live/work units with flexible floor plans allowing multiple options for work space. The townhomes, which will be located in 11, three- and four-story buildings, will range from 2,199 sq. ft. to 2,976 sq. ft. The townhomes will all feature roughly 400 sq. ft. to 500 sq. ft. of ground level work space accessible from roll up, plexiglass doors. The townhomes will come with two parking spaces in a secured underground garage. The 10 loft condominiums, to range from 2,162 sq. ft. to 3,995 sq. ft., will be located in a four-story structure. That building, which will have about 8,000 sq. ft. of ground level space targeted for retail and restaurant use, will have two elevators and direct-access garages. Living space in the condo buildings will be located in the second third, and fourth floors. The townhome and lofts can be combined to make larger units and all of the structures will have decks and balconies on the top floors with views of the McDowell Mountains to the east. Pricing for the two- and three-bedroom townhome and loft residences have yet to be set, but look for that number to be in the $300 per foot range. That would mean base pricing starting at about $650,000. SOHO Scottsdale will have many amenities, including a pool, clubhouse, business center, restaurants, shops and other service retail uses.
Greey Pickett in Scottsdale is the landscape architect, and has designed a walkable project with prominent courtyards and gardens. Construction is set to start this summer, with first deliveries of residences anticipated by second quarter 2016. Build out of the entire community is expected to take 24 months.
Contractor has yet to be selected. Development cost (land and buildings) estimated at $30 + million. Construction financing still to be arranged. The venture has yet to decide if it will handle marketing in house or if it will hire outside help to sell the residences and market the commercial space. Clary says SOHO Scottsdale will interact with nearby businesses and entertainment venues, including Ice Den, WestWorld and AZ on The Rocks.
The privately-held Catclar has townhome projects planned or underway in Scottsdale, Tempe and Phoenix. Clary says the company is looking for additional sites to develop its niche residential communities in the Valley. Find out more from Clary at (480) 473-3700. Talk to Hu at (480) 538-8888. Moyes is at (602) 269-9700.
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