Mortgage And Real Estate News

Saturday, January 22, 2011

Blue Sky plan is scaled down

Gray Development Group next week will submit the latest proposal for its Blue Sky luxury apartment complex north of Scottsdale Fashion Square with a lower number of units, maximum building height and the overall square footage.

The latest plan is in response to negotiations with surrounding property owners, ST Residential and Triyar Properties, whose legal protests forced a supermajority vote of 6-1 for City Council approval. Both protests remain in place.

Blue Sky is planned along Scottsdale Road west of the Safari Drive condominium complex. ST Residential owns and manages Safari Drive, while Triyar's retail center is on the northeastern corner of Scottsdale and Camelback roads.

Triyar has been receptive to Gray's concessions, but ST Residential hasn't budged, said Brian Kearney, Gray's chief operating officer.

ST Residential spokesman Peter Marino said the company had no comment on Blue Sky. Shawn Yari, owner of Triyar Cos., couldn't be reached.

The proposal now includes 749 units; three buildings, down from five; and a maximum building height of 128 feet, including rooftop mechanical.

In November, the council voted to postpone considering Gray's proposal indefinitely. Because the plan includes numerous changes, it will go back before the Development Review Board on Feb. 3, and it would be considered by the Planning Commission on Feb. 9 and the council on Feb. 22.

The tallest building, along Scottsdale Road, would be just north of Triyar's center. The other two buildings, including a second along Scottsdale Road and one along Arizona Canal, would have a maximum height of 118 feet. The maximum height along Scottsdale Road, which would include street-level retail, would be 68.5 feet, Kearney said.

by Edward Gately The Arizona Republic Jan. 22, 2011 12:00 AM






Blue Sky plan is scaled down

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