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GlobeSt.com EXCLUSIVE: Developers Eye $70M-Plus Project

PHOENIX-Gray Development Group and Monterey Homes partner on the $26.8-million acquisition of 33.3 acres auctioned by the state. The land plan calls for 600 apartments and 200 condos to go up near Mayo Boulevard and 68th Street.

By Jennifer D. Duell | Updated on March 15, 2005

PHOENIX-Gray Development Group and Monterey Homes in Scottsdale have joined forces to develop 600 apartments and 200 condos on 33.3 acres that they recently purchased in a state auction for $26.8 million.

“We expected there to be a lot of people at the auction, but we were the only bidders,” says Bruce Gray, principal of Gray Development. “We were prepared to pay up to $27 million.” The acreage is located near Mayo Boulevard and 68th Street. The partnership was represented by Michael Lieb of the locally based Michael A. Lieb Ltd.

Gray tells GlobeSt.com that his team will build out two-thirds of the site with 600 apartments in four complexes and Monterey Homes will put 200 condos on the balance. Gray Development’s portion alone will cost about $70 million to develop, Gray says, explaining the partnership extends only to the land acquisition.

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