Mortgage And Real Estate News

Sunday, July 8, 2012

Another northeast Phoenix infill project planned

Cachet Homes is planning a second infill development in northeast Phoenix if rezoning to allow for 100 homes on the parcel is approved.

The developer has its eye on property now used for boarding horses at 44th Street and Grovers Avenue, north of Bell Road.

It would be Cachet's second new development in northeast Phoenix. The company also is involved with a 200-unit apartment project on Cactus Road west of Paradise Valley Mall.

Matt Cody, president and owner of Cachet, said the horse property consists of 20 acres south of Foothills Elementary School. It is the home of Santa Rita Stables.

The property's assessed value is about $2 million.

A representative of the property owner, Santa Rita Stables Holding Co. LLC, could not be reached. The property apparently never has been developed beyond its current use.

Escrow opened in May and is contingent on the rezoning. A first hearing before the Paradise Valley Village Planning Committee will take place at 6 p.m. Monday at the Paradise Valley Community Center, 17402 N. 40th St. The request is scheduled to reach the City Council at its Sept. 19 meeting.

Rezoning of the 5-acre parcel for the apartment project on Cactus Road was approved earlier this year, and developers are waiting for leases in the current building, the 33-year-old Paradise Valley Medical Center, to expire, Cody said.

Cachet will team with Joe Meyer of Southwest Next Capital Management to construct the apartments, which will provide an upper-end housing alternative near the mall.

The property will include two four-story buildings that will wrap around a central courtyard with a pool. Parking will surround the buildings.

Both projects should be under way early next year, barring any unforeseen circumstances, Cody said.

by Michael Clancy - Jul. 6, 2012 04:15 PM The Republic | azcentral.com



Another northeast Phoenix infill project planned

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