Crescent to Build Scottsdale Quarter’s First Multifamily Project

Glimcher Realty Trust, a retail REIT, and Crescent Communities, a Charlotte-based real estate investment, development and operating company, recently announced plans to break ground on a 275-unit, luxury apartment community in Scottsdale under a joint venture agreement.

By Amalia Otet, Associate Editor

Glimcher Realty Trust and Crescent Communities, a Charlotte, N.C.-based real estate investment, development and operating company, announced plans May 7 to team up on a 275-unit luxury apartment community in Scottsdale.

The property will be the first residential component of Scottsdale Quarter, the 28-acre mixed-use development located on the southeast corner of Scottsdale Road and Greenway-Hayden Loop. All told, Scottsdale Quarter comprises 370,000 square feet of retail, restaurant and entertainment space and 203,000 square feet of office space.

Crescent Communities will develop the residential project along Greenway-Hayden Road on Scottsdale Quarter’s Northeast corner. The property will offer modern décor and such upscale amenities as an elevated resort-style pool and a two-story fitness center with views of McDowell Mountains. Construction is expected to begin in late 2013.

In other multi-family news, Redstone at SanTan Village, the first luxury multi-family project to open in Gilbert in five years (pictured at right), has started signing leases.

Located at 1925 S. Coronado Road, the $45 million project incorporates resort-style features including granite countertops, stainless steel appliances, walk-in closets, attached and detached private garages, and high-speed internet connections.

Other amenities at the 382-unit community include a 24-hour fitness center with club-quality equipment, an elevated spa area with a fireplace and flat-screen televisions, poolside cabanas, outdoor lounge areas, free Wi-Fi and a children’s playground area.

Del Mar, California-based LWI Properties is the developer of the project, which was built by hardison/downey construction inc. and managed by Mark-Taylor Residential. Financing was provided by Union Bank.

Photo: Mark-Taylor Residential

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