Cachet Homes, headed by Matt Cody, has taken title to the northeast corner of 44th Street and Thomas Road. Just recently, some obsolete retail space has been cleared from the site. Concord Equities is the seller.

The project is north of Arcadia Crossing Shopping Center and a little more than two miles from the Scottsdale border. The project will be in the Arcadia district, considered one of the best residential areas in Phoenix and home to one of the best school districts.

The area near 44th Street and Van Buren, which is two miles south of Thomas Road, is gaining momentum as an office hub. More than 750,000 sf of office space is either under construction or planned for the 44th Street corridor in the airport area. The vacancy rate in the airport submarket is approximately 5.7% and the 44th Street corridor is 9.8%, compared to an overall vacancy rate of 9.9%.

Cachet Homes plans to build at least 120 condominiums on the site, says Larry Downey, a senior vice president with Grubb & Ellis Co. who, along with Mike Myrick, senior associate, has negotiated the transaction.

The two- and three-bedroom condominiums will range from 1,150 sf to 2,250 sf. The multi-story condominiums will sell from $169,000 to $229,000. Models are expected to be open by summer 2002. Cachet Homes will serve as the contractor on the project.