Mortgage And Real Estate News

Sunday, November 27, 2011

Phoenix Optima condo developer set for 3rd effort

Optima Sonoran Village, phoenix

Rendering courtesy of Optima The project will be called Optima Sonoran Village and will be located on nearly 10 acres at the northeastern corner of Camelback Road and 68th Street in Scottsdale, according to co-developers Optima Inc. of Glencoe, Ill., and DeBartolo Development LLC of Tampa.



The developer of two luxury-condominium projects in the Phoenix area said it has secured land and financing to develop a new project near Scottsdale Fashion Square.

The project will be called Optima Sonoran Village and will be located on nearly 10 acres at the northeastern corner of Camelback Road and 68th Street in Scottsdale, according to co-developers Optima Inc. of Glencoe, Ill., and DeBartolo Development LLC of Tampa.

Like its sister project, Optima Camelview Village, 7177 E. Rancho Vista Drive in Scottsdale, Optima Sonoran Village will be a multiphase residential project made up of tiered levels covered with greenery, the developers said.

Unlike the two previous projects, which include Optima Biltmore Towers, 4808 N. 24th St. in Phoenix, the next Optima project will begin as an apartment community.

Optima Sonoran Village's first, 210-unit phase will be developed by Optima Sonoran Village Phase I LLC, a joint venture between Optima, a multifamily-housing developer, and DeBartolo, a real-estate investment firm specializing in multifamily, hospitality, retail and mixed-use projects.

The first phase is scheduled to break ground in 2012 and begin leasing in 2013, the developer said.

Architect and Optima founder David Hovey said Optima Sonoran will be similar to Optima Camelview in that its architecture will be designed to blend in with the surrounding environment.

"Each residential unit will have a private, landscaped green roof terrace creating an indoor-outdoor experience for our residents and a dynamic visual esthetic for the development," he said.

Optima acquired the 10-acre site in July 2009. The company declined to provide estimated development costs, apartment sizes or monthly lease rates.

Optima Sonoran's initial phase will consist of a seven-story terraced building with 210 luxury residential units.

Eventually, five interconnected buildings will be linked by bridges with supporting commercial, retail and restaurant services, and over 5.5 acres of landscaped courtyards interspersed with pools, spas, water features and sculptures, the company said.

The entire project will be completed in five phases and may be converted to condominiums in the future, an Optima spokeswoman said.

Most luxury-condominium developers have been struggling lately, while upscale-apartment operators have been enjoying growth in occupancy and lease rates.

by J. Craig Anderson The Arizona Republic Nov. 24, 2011 06:42 PM




Phoenix Optima condo developer set for 3rd effort

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