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SCOTTSDALE, AZ-Grace Communities is finalizing plans for a 140-unit residential condominium development in Old Town. The $185-million Portales Place is scheduled to break ground this year.
Grace Communities just closed on 9.7 acres along Goldwater Boulevard, paying $18 million for land beside the 1.8-million-sf Scottsdale Fashion Square Mall. The local developer secured $9.7 million from Los Angeles-based Fremont Investment & Loan while InSymphony Private Capital of Phoenix provided equity for the deal. Scott McPherson and Eric Inabinet with Capital Advisory Group in Phoenix arranged the debt and equity financing.
Portales Place will be comprised eight three- and five-story buildings plus six two-floor structures. The project will feature 128 one- and two-bedroom condos and 12 casitas. Condos will range from 1,650 sf to 4,900 sf.
"This project will be different from other condo projects in Scottsdale because of the quality of the amenities and the size of the units," Karen Ochoa, who heads up marketing for Grace Communities, tells GlobeSt.com. She says Portales Place will have resort-like grounds, 11,000 sf of common areas, including a two-story, glass-wall fitness center with views of Camelback Mountain, a concierge service and in-house chef. A 294-space parking structure also is part of the project.
Condos will range from $600,000 to $4.5 million. "We're opening reservations within the next few weeks," Ochoa says, adding the condos will be ready for occupancy by mid-2007.
Grace Communities tapped VVG Associates LLC of Phoenix to design Portales Place. Phoenix-based Weitz Co. will be the general contractor.
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