Mortgage And Real Estate News

Tuesday, February 7, 2012

Apartments are planned

A four-story, 274-unit apartment complex would replace Plaza 777 on the southern edge of downtown Scottsdale under plans recently submitted.

The proposed Bauhaus Flats & Studios would be built on 4.4 acres northeast of Scottsdale and Thomas roads and on an adjacent ¾-acre parcel on 73rd Street. It would include about 10,000 square feet of commercial space.

The shopping plaza, built in 1960, includes a florist, locksmith, rental-car agency, restaurant, hobby shop and Plato's Closet clothing store. More than half of the 40,251-square-foot plaza is vacant.

Architect Kristjan Sigurdsson of K&I Homes LLC said there is high demand for apartments in the area because virtually no units have been built downtown in the last decade.

"This would be a nice addition to that whole housing market," he said, adding that the Bauhaus apartments would be within walking distance of neighborhood commercial services.

The area has a diverse mix that includes a supermarket, hardware store, coffee shop, bowling alley, adult bookstore, car wash, bail bondsman and pawnshops.

The Sphinx Ranch Gourmet Gift Market, which has operated in the Valley for 61 years, is two doors to the north. Jason Heetland, Sphinx Ranch owner, said it's time for something to be done to update the area.

"I would hope that the current tenants would have a first right of refusal to lease space" in the Bauhaus' shops, Heetland said.

Area business owners have struggled for nearly a year with Scottsdale Road streetscape improvements, he said. The developers are seeking a rezoning for the Plaza 777 site from commercial to planned-unit development.

The development team includes architect Sigurdsson, Tom Frankel and Keith Nygren. KT777 LLC bought the plaza for $2.58 million.

No date has been set for the rezoning hearings.

by Peter Corbett - Feb. 3, 2012 02:33 PM The Republic | azcentral.com



Apartments are planned

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