iStar Residential Breaks Ground on Sage in Scottsdale

By Jeffrey Steele, Contributing Writer

Scottsdale, Ariz.—Ground has been broken on the final phase of Sage, a luxury condominium community along the downtown Scottsdale, Ariz., waterfront. Sage, from iStar Residential, a division of New York-based iStar Financial, is the first ground-up condo project to come to downtown Scottsdale since the recession.

The $35 million project’s final phase will deliver 72 two- and three-bedroom homes, which are expected to be priced from the high $400,000s. The residences will range in size from 1,490 to 1,775 square feet, with optional den floor plans.

The development’s resort-like amenities will include a sprawling clubhouse with underground stone wine cellar, private fitness area with dramatic views, business and conference room and swimming pool with spa and barbecue area.

The final phase of Sage, consisting of a pair of three-story buildings, is located directly south of the first phase of Sage, at Chaparral Road east of Scottsdale Road. It is slated to begin welcoming owners in early 2015.

“As soon as we completed the sellout of Phase 1 in mid-2012, we immediately began to focus on the second and final phase,” David Sotolov, senior vice president of iStar Financial, tells MHN. “The market had told us there was greater demand for single-story living, as the aging demographic is looking ahead to their future and may not want stairs later in life. As such, we re-programmed the Final Phase to include only single-story condominium units and removed the two-story townhome product.

“Secondly, as Phase 1 was originally designed in 2005-06 and buyers’ taste in terms of design, aesthetics and interior unit amenities had evolved, it was important to us to update the floor plans and finishes to create more modern and efficient layouts. This final phase will include expanded living spaces, more counter space in the kitchens, more efficient lighting plans, and many new technological enhancements that have only recently become available. [They include] energy-efficient exterior windows, wireless programmable thermostats and USB charging ports. We spent roughly 18 months making sure we got this redesign and enhancement correct before breaking ground last December.”

Sotolov reports that for the first time in more than seven years, buyers will have the opportunity to purchase a new-construction, never lived-in condominium in downtown Scottsdale, within walking distance of all the retail and dining attractions offered in that area.

Virtually all recent construction has been for-rent multifamily product, typically smaller units in very dense communities, with average interior finishes, he adds.

The condominiums at Sage will average nearly 1,600 square feet, providing what he terms “a much more comfortable living experience.” Every residence will come with top-of-the-line finishes, including Dacor stainless steel appliances, granite and travertine countertops and hardwood flooring.

“All of these upgraded finishes will be standard, and these turnkey homes will be ready to move in starting next winter,” Sotolov says.