Banyan Residential has broken ground on the Scottsdale Entrada mixed-use development, which will bring 736 apartment units along with office and retail space to Scottsdale, Ariz. Developed with equity partner Bridge Investment Group, the Opportunity Zone project will redevelop a vacant 33-acre lot at the northeast corner of 64th Street and McDowell Road.
Construction on all parts of the project has begun, with the 250,000-square-foot office component slated to open in the third quarter of 2021, followed by the first apartments in late 2022. The property is designed by a team of local firms including Todd & Associates and SmithGroup.
Upon completion, Scottsdale Entrada will be one of the largest mixed-use developments in the Phoenix area. The project is intended to revitalize the site of a shuttered auto park and help drive urban renewal and economic growth in the area.
Efforts have been made for years to redevelop the surrounding McDowell Road corridor, which was once home to dozens of car dealerships. The site is adjacent to Papago Park and about seven miles east of Downtown Phoenix. Also nearby are Arizona State University in Tempe and the nightlife of Downtown Scottsdale.
Building a Phoenix portfolio
Formed in 2019, Banyan Residential develops commercial and multifamily projects across the U.S. with a focus on Opportunity Zones. The company has more than 1,200 residential units in the development pipeline.
Real estate private equity firm Bridge Investment Group, which has $20.1 billion in assets under management, recently bought a 348-unit community in Mesa, Ariz., for $49.6 million.