New Luxury Condos planned for Old Town Scottsdale

New Luxury Condos planned for Old Town Scottsdale

scottsdale waterfront 300x191 New Luxury Condos planned for Old Town Scottsdaleby Edward Gately – 
The Republic | azcentral.com

Scottsdale’s latest downtown infill-incentive proposal calls for construction of a 420-unit luxury apartment complex northwest of Indian School Road and Goldwater Boulevard.

Zaremba Residential Co. plans to purchase the roughly 5-acre parcel from Shawn Yari’s Triyar Corp. to build the five-story complex. The property houses a Travelodge hotel, a closed Village Inn restaurant and a mostly vacant office building.

Zaremba’s corporate offices are located in Cleveland, but its western United States operation is based in Scottsdale.

The proposal, referred to as the Scottsdale Goldwater Development, would replace the development plan approved in 2007 for the Hanover project, a complex that included apartments, retail and office uses.

Scottsdale citizens filed a referendum in 2008 to stop the Hanover project. A Maricopa County Superior Court judge tossed out the referendum because it did not follow the proper filing procedures. But the project stalled because of the depressed real-estate market and restricted investment capital.

“I can’t say if this will be equally controversial,” said Dan Symer, senior city planner.

The Hanover project drew opposition because the city had just started working on its downtown plan, and some residents felt it should hold off on allowing any projects until after the plan was approved, Symer said. Also, some residents didn’t want apartments downtown, and others were unhappy with the height and density, he said.

Kent Chantung, Zaremba’s director of residential development, said the new proposal is more viable and financing has been secured for construction. Zaremba completed the two-tower West 6th apartment project in downtown Tempe. That complex is 90 percent occupied.

“We are really bringing something that (Scottsdale’s) downtown core can use,” he said.