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CHANDLER, AZ-Mark-Taylor Inc. will break ground in August on a 220-unit complex, the developer's seventh in the city. The as-yet-unnamed project will cost roughly $25 million to bring out of the ground.
Construction financing for the 13-acre project at 1600 N. Arizona Ave. was provided by Guaranty Bank, says Kevin Ransil, a vice president with Scottsdale-based Mark-Taylor. "We've always had great success in Chandler," Ransil tells GlobeSt.com. "It's always been a market with great dynamics. It's a major employment hub, it has great proximity to freeways and great demographics."
The acreage is relatively close to the expanding campuses of Countrywide Financial Inc. and Intel Corp., both of which plan to add thousands of jobs in the Valley. "In our minds, this is a classic infill location that will be in great demand from all the new employees coming to the area," Ransil says.
Mark-Taylor Development designed the gated complex and will oversee construction. The two- and three-story, garden-style buildings will have 81 one-bedroom units, each 700 sf; 116 two-bedroom apartments, 1,000 sf; and 24 three-bedroom units with 1,200 sf.
Ransil says monthly rental rates haven't been set, but similar projects are getting $750 for a one-bedroom unit to $1,200 for a three-bedroom apartment. The complex, being outfitted with high-end finishes, will include amenities like personal concierge services that run the gamut from wake-up calls to restaurant reservations.
According to Ransil, the complex will start to deliver about eight months after ground breaks. The last units will be ready to occupy in third quarter 2006.
"The new community will be on-par with our other communities," Ransil says. "In fact, it will be very similar to our project San Palacio in terms of floor plans and look." The 352-unit San Palacio opened in January at 2255 W. Germann Rd.
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