Overture rendering, Scottsdale, AZ

Phoenix, AZ – Business Real Estate Weekly is reporting Greystar Development, Inc. of Charleston, SC (Bob Faith, CEO) has filed for zoning approval in Phoenix to develop a 171-unit, age restricted housing complex within the Kierland community in the northeast Valley.

The luxury rental project is being called Overture, and is targeted for a 2.45-acre site located at the northeast corner of 71st Street and Tierra Buena Lane. The property address is 15801 N 71st Street in Scottsdale, AZ and is not occupied by a vacant commercial building previously used as a furniture store.

That 21,710-square- foot building will be razed if the proposed Planned Unit Development (PUD) is approved.

The sale of the site with an estimated sale price of $6 + million (roughly $60 PSF) is contingent on zoning approval.

The seller is Legacy Kierland LLC of Denver, CO (Daniel Vecchiarelli, principal).

Tom Boyle of Lee & Associates in Phoenix and Mark Forrester, Ric Holway, Dan Cheyne and Tom Wolff of Berkadia in Phoenix are brokering the deal.

Greystar would like to be underway with construction by year-end to have the units ready for occupancy by first quarter 2018.

For more information, contact Berkadia agents at 602.955.1122 and Boyle can be reached at 602.956.7777.

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