The four-year-old Foursite Development and Wymath Inc. are under way on The Retreat at the Raven, a 192-unit, class-A apartment complex at the northeast corner of Baseline Road and the 36th Street alignment. Paragon Properties, based in Carefree, is an equity partner in the project.

The project, which began in March, is expected to be ready for move in by October. The complex is being built on 11 acres, adjacent to the 18-hole Raven Golf Club, considered to be one of the Valley's best public courses. A canal runs between the complex and the course, but renters will have unobstructed views of the course, emphasizes Devan Wastchak, a principal with Foursite Development. He says development costs will total about $15 million.

Foursite's proposed 30,000-sf office building will be positioned on a three-acre parcel that is closer to the intersection than the apartment complex. That component needs tenants before it begins, Wastchak says.

The Baseline location, Wastchak tells GlobeSt.com, has been selected because it is centrally located in the Valley. "It's still got a rural feel, but you can get to just about any place in the Valley in minutes," he explains.

The site is north of the Phoenix's South Mountain Park, the largest city park in the nation and free of development. The partnership had purchased the property in March from Scottsdale investors, Hana Nakamura, Hajime Sugiyana and Tsutomu Nakamura. The site had been used as a commercial flower garden.

The wave of residential construction in the area, the redevelopment of blighted areas and the high barrier to entry for other apartment projects all made the site particularly attractive, Wastchak says. Long-time residents in the area have been sensitive about the development of too much rental property and have successfully lobbied the city to prevent it. The one-, two- and three-bedroom apartments will range in size from 750 sf to more than 1,200-sf. A rental rate has yet to be set.

Wastchak also liked the area's potential for job growth. Interstate 10, which lies about five miles to the east, is lined with a concentration of industrial space. Cotton Center, a massive business park, lies four miles to the east. At build out, the Cotton Center is expected to bring 8,000 jobs to the area, he says.

Foursite's principals Wastchak, David Lu and Robert Kerwin have been long-timedevelopment consultants in the Valley, advising such firms as Del Webb, Vestar Development and the Peterson Group.