Charlotte-based developer Lennar has acquired two class-A office buildings in the Phoenix submarket of Scottsdale with plans to demolish the two buildings and develop a class-A apartment complex. The project highlights the strong demand for housing in Phoenix, particularly quality housing options. Development will start late next year, and delivery is planned for 2021.

“Lennar has had an incredible vision on this site from day one,” Greg Hopley, EVP of Colliers International in Greater Phoenix, tells GlobeSt.com. “Their team has thought though literally every nuance regarding the future of this development. It has been a trail blazing event, and quite frankly, it's one of the best locations in the entire country for this type of product. This is a prime sight for the live/work/play project. This multifamily development is located in the Scottsdale Airpark, with approximately 3,800 companies employing more than 50,000 workers.”

Lennar plans to create a true live-work-play environment and play off of the surrounding area amenities. The property is located near several major employers, including Vanguard, Bank of America, Republic Services, GoDaddy and JDA Software. It is also located near retail centers Kierland Commons, which has 70-plus stores and restaurants, and Scottsdale Quarter, a retail center with tenants like American Girl Store, to an Apple Store, from Warby Parker to Lululemon.