The partnership will present its plan to Scottsdale's Planning Commission in April. If approved, the plan then passes to city council for final action.
"Riverwalk Square is going to continue the trend that the city has been shooting for--the revitalization of downtown," Mac Cummins, a senior planner for the City of Scottsdale, tells GlobeSt.com. "It's going to offer a niche product for the professionals who want to live and work in an urban environment, but don't want to be in downtown Phoenix." The project will be tailored to condo owners who work out of their homes.
Riverwalk Square will be developed on 4.9 acres that formerly housed the Safari Hotel, Scottsdale's first year-round resort hotel. After the hotel was demolished in the 1990s, the site was rezoned for retail, office and hotel development. The city has since added a residential build-out to the development options.
Camberlango Properties and Wolff reportedly paid $13 million to Pals Land Inc. of Scottsdale for the site. The seller, who retained four adjacent acres, is reported to be shopping around for a retail developer.
Riverwalk Square's first phase calls for 68 condos, ranging from 800 sf to 2,300 sf, in five buildings. If municipal approvals come through as anticipated, the development will break ground in three months. Completion is penciled for fall 2006. A 51-condo second phase is expected to deliver by late 2006 and the final stage, 108 units, will be ready to occupy in early 2007. The units are tagged at $350,000 to $1 million.
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