Dallas-based TDI Real Estate Holdings LLC broke ground earlier this month on Jefferson at One Scottsdale, a multi-family community that will be the first component of an 80-acre mixed-use development.
Phase one is scheduled for completion in 2014 and will consist of 388 units: 178 one-bedroom apartments, 186 two-bedroom units and 24 three-bedroom apartments.
Project plans also call for a 10,800-square-foot clubhouse, lounge, media room, two resort-size swimming areas with spa, 294 garage spaces and 182 carport spaces. Texas Capital Bank and The PrivateBank provided the construction loan, and Behringer Harvard furnished the mezzanine piece.
When complete, the 750-unit complex will form the residential portion of One Scottsdale, an 80-acre mixed-use project that DMB Associates Inc. and Macerich are planning for the north Scottsdale corporate corridor. In addition to its multi-family component, One Scottsdale will include up to 1.8 million square feet of retail, restaurant and Class A office space and about 400 boutique resort hotel rooms.
Because the multi-family sector has rebounded faster than other commercial real estate categories, DMB and Macerich are launching the residential component first, noted the Phoenix Business Journal.
Rendering of Jefferson at One Scottsdale, via Multi-Housing News
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