PHOENIX—iStar Residential has broken ground on the final phase of Sage, a luxury condominium community along the Scottsdale waterfront, that will be the only new-construction, for-sale condominiums in Downtown Scottsdale. The construction, which is in excess of $35 million of residential real estate, signifies the first ground-up condominium development in Downtown Scottsdale since the recession.

Following the success of the sold-out first phase, Sage's final phase will feature 72 two- and three-bedroom condominiums ranging from 1,490 to 1,775 square-feet, with optional den floor plans, and is expected to be priced from the high $400,000s. Located directly south of Sage's first phase at Chaparral Road just east of Scottsdale Road, the two, three-story buildings are now under construction with owner move-in by early 2015. A priority interest list is currently being developed and sales will begin this winter led by The Kor Group.

“It's exciting to be the first and only new condominium development to break ground in Downtown Scottsdale in over six years,” David Sotolov, senior vice president at iStar Financial. “There is pent-up demand for this type of new product within walking distance to the heart of Downtown Scottsdale. It just doesn't exist anywhere else right now other than at Sage. For months we've received calls on a weekly basis from interested buyers and Realtors who are eager to purchase. There are approximately 5,000 apartment units either under construction or recently completed in Scottsdale and Tempe. But, Sage is the only fully-amenitized, new community for-sale in Scottsdale. iStar is committed to the Phoenix-metro market and we have big expectations about the area's growth and the completion of the community at Sage.”