SCOTTSDALE, AZ-Partners Crescent Communities and Glimcher Realty Trust have broken ground on the 275-unit Crescent Scottsdale Quarter. The $61-million multifamily property is the only residential project right now located in Scottsdale Quarter, a high-end mixed-use retail and office center.
Crescent Scottsdale Quarter will be situated on 2.7 acres on the Greenway Hayden Loop, which is on the northeast corner of Glimcher Realty Trust's Scottsdale Quarter property. The project is anticipated to open by spring, 2015.
"Scottsdale Quarter is a fashionable hub that offers unmatched amenities yet preserves the beauty of the desert," says Jim Cauley, senior vice president of Crescent's multifamily group. "It is the perfect fit for our model of building authentic lifestyle experiences for people, and we are pleased to bring the Crescent approach to luxury multifamily living to Scottsdale."
Crescent's six-story building will feature studios, one- and two-bedroom units and an amenity package including a resort-style saltwater pool and two-story fitness center with views of the McDowell Mountains. Crescent Scottsdale Quarter will also be one of the first multifamily properties in Scottsdale to comply with the 2012 International Energy Conservation Code and International Green Construction Code.
Crescent Scottsdale Quarter is financed by equity from Crescent Communities and Glimcher Realty Trust, with a construction loan from Regions Bank. Whiting-Turner Contracting Co. is the builder. The architect is Gromatzky Dupree & Associates. Nelsen Partners, Inc. is the design architect, and Kimley-Horn and Associates is the civil engineering partner.
Scottsdale Quarter is an open-air retail mixed-use development offering 370,000 square feet of retail and restaurant operations and 203,000 square feet of office space. Glimcher Realty Trust is the developer.
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