Crescent, Glimcher Move Forward with Construction of Crescent Scottsdale Quarter
- Nov 22, 2013
Scottsdale, Ariz.—Charlotte N.C.-based Crescent Communities and partner Glimcher Realty Trust have announced the ground breaking on a $61 million, 275-unit luxury rental community in the North Scottsdale retail hub, Scottsdale Quarter.
“Scottsdale Quarter is a fashionable hub that offers unmatched amenities yet preserves the beauty of the desert,” says Jim Cauley, senior vice president of Crescent’s multifamily group. “It is the perfect fit for our model of building authentic lifestyle experiences for people, and we are pleased to bring the Crescent approach to luxury multifamily living to Scottsdale.”
The community, which will be located on a 2.7 acre parcel along the Greenway Hayden Loop on the Northeast corner of the Glimcher Realty Trust-owned Scottsdale Quarter property, has been financed by equity from both Crescent Communities and Glimcher Realty Trust, along with a construction loan from Regions Bank. The duo tapped Whiting-Turner Contracting Co. as the builder, with architectural design coming from Gromatzky Dupree & Associates and civil engineering services provided by Kimley-Horn and Associates.
The six-story Crescent Scottsdale Quarter will offer studio, one- and two-bedroom floor plans, while community amenities will include feature a resort-style saltwater pool and two-story fitness center. The community is one of the first in the area to be designed to comply with the 2012 International Energy Conservation Code (IECC) and International Green Construction Code (IgCC).
“We’re thankful for the support of the City of Scottsdale and our partners at Glimcher Realty Trust,” says Scott Makee, regional director of Crescent’s multifamily group. “With this chic location and best-in-class amenities, Crescent Scottsdale Quarter will give residents the opportunity to be fully integrated into the unique experience of Scottsdale Quarter.”
The 28-acre retail center comprises 370,000 square feet of retail and restaurant space and another 203,000 square feet of office space, offering scenic views of the nearby McDowell Mountains and desert landscape. Scottsdale Quarter retail tenants currently include Apple, Restoration Hardware, lululemon, Calypso St. Barth and True Food Kitchen.
“Scottsdale Quarter has become one of the preeminent examples of experience-centered retail in the country,” says Marshall Loeb, president and COO of Glimcher Realty Trust. “We are pleased to welcome Crescent Scottsdale Quarter to the center, where residents will enjoy front-door access to the area’s most vibrant mix of shopping dining and entertainment.”