Yet Another Office-condominium Project Planned for North Scottsdale

PHOENIX-A local development company is close to purchasing a parcel in north Scottsdale, where the company plans to build a 140,000-sf mixed-use project with office and retail space.

Real Alliance, a Scottsdale-based development firm, is expected to close by January on a 16-acre parcel at the southwest corner of Bell Road and Loop 101. The projected price for the parcel is nearly $9 million, according to industry sources.

Real Alliance plans to build a total of 40,000 sf of office-condominium space, of which 14,000 sf will be built in the first phase of development scheduled to begin in the first quarter. Four, 10,000-sf buildings are planned, with shell buildings priced at $170 per sf. Construction is expected to be completed by year-end 2001.