Mark-Taylor Inc. and Kitchell Development Co. plan to develop a 590-unit multi-family project in Tempe. Dubbed San Sonora, the entire project will cost between $75 million and $80 million, including land and building costs, reported the Business Real Estate Weekly of Arizona.
The developers plan to break ground on the initial 362 units of the project this summer, with opening projected for May 2014. The second phase, which will add 228 units, is scheduled for completion in March 2015. San Sonora’s units will range in size from about 730 to 1,450 square feet.
Designed by Architectural Design Group, a Mark-Taylor affiliate, the property will be located on a 30-acre site near the southwest corner of Warner Road and Priest Drive.
Mark-Taylor and Kitchell purchased the land in two transactions totaling $11.2 million, according to Cassidy Turley, which represented the developers in the acquisition.
Elsewhere in the area, the joint venture is also developing the San Marquis community in Tempe, a 229-unit property, as well as a 383-unit project in Chandler, according to Business Real Estate Weekly.
Rendering of the San Marquis: Kitchell Development Co.
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