Dirt's Flying on $15-Mil, 192-Unit Complex

PHOENIX-In what will be its first development in the Valley, a partnership is under construction on a $15-million apartment project along the quickly improving Baseline Corridor. Meanwhile, principals are courting prospects to jumpstart a 30,000-sf office component.

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.