The $54 million final phases of the Scottsdale Waterfront moved another step toward final city approval Wednesday and the developer is ready to start construction as soon as possible.
The Planning Commission unanimously voted to recommend Development Review Board and City Council approval of the site plan for Broadstone at Waterfront, which will include 259 apartment units and 10,000 square feet of retail-restaurant space.
Commission Chairman Michael D'Andrea withdrew from the case because he is a member of the development team.
The site plan is tentatively scheduled for consideration by the board Sept. 6 and then by the council Oct. 2.
A separate proposal for elevations and landscaping is tentatively set for board consideration Oct. 4.
The final phases will encompass all of the land between Marshall Way and Goldwater Boulevard. The site plan includes a single building that wraps around a center courtyard, with restaurant and retail on Marshall.
Alliance Residential Holdings, the developer, also is developing Broadstone on Lincoln, a 264-unit apartment complex northwest of Scottsdale Road and Lincoln Drive.
Commissioner Erik Filsinger made the motion to recommend approval and commended Alliance for working with nearby residents to gain their approval. No residents spoke at Tuesday's meeting.
"I think this is a project that's a splendid one for Scottsdale and has spoken well to what the city, and with input from citizens and other members of the community, have been able to obtain," he said.
Filsinger also said it makes sense that the project includes apartments as opposed to condominiums.
"It's really important that Scottsdale, to stay vibrant, listens to the marketplace," he said. "If we are to achieve the goal of Scottsdale having a healthy live-work-play atmosphere, it isn't just a residential bedroom community. It's a place where we have people who live here, work here and hopefully recreate here and the market can help dictate what types of housing are necessary to achieve that proper balance."
John Berry, a zoning attorney and project spokesman, said the project will bring 259 "high-income" rental units to the downtown area.
There's a list of people waiting to rent units at the Waterfront's current condominium towers, so there's clear demand for apartments in downtown and at the Waterfront, he said.
"There are a lot of people who are high income who don't want to be in a home, who want a different lifestyle, who maybe can afford a home but don't want to put down a substantial down payment on a condo," he said.
"There are people who may be in transition, they've gone through a divorce, they're looking for a place to stay where they don't have to take care of everything, and so a rental is a better product for them."
There are no specific tenants yet for the retail-restaurant space, but it's likely to be businesses comparable to those already at the Waterfront, Berry said.
In early 2011, a divided council approved a maximum building height of 135 feet to allow a taller building on the east side of the property.
However, the maximum building height in the site plan is 65 feet along Marshall Way.
"The important part of it was to provide the 259 units, so the prior approval allowed the 259 units with (greater height)," Berry said. "It provided the flexibility for a user to use that height if they needed it, but we don't need it."
Alliance Residential Holdings is ready to begin construction as soon as all approvals and permits are obtained, he said.
The Broadstone complexes are among 18 apartment projects that would add about 5,700 apartments citywide. Optima Sonoran Village, a condo complex that will include some rental units, is the only one under construction.
by Edward Gately - Aug. 10, 2012 The Republic | azcentral.com
City closer to Waterfront apartment-plan OK
Reuters: Business News
National Commercial Real Estate News From CoStar Group
Latest stock market news from Wall Street - CNNMoney.com
- ► 2017 (51)
- ► 2016 (145)
- ► 2015 (146)
- ► 2014 (102)
- ► 2013 (395)
- Last days of the Borgata
- LifeLock reveals finances pre-IPO
- Home prices rose in July in 20 major US cities
- Radar Logic: Home Prices Hit Peak in July, Distres...
- 34,000 in Ariz. get mortgage aid
- Phoenix-based Vestar buys Calif. retail center for...
- Phoenix-area rental homes a red-hot commodity
- Home-related sales through the roof
- New US home sales edged down 0.3% in August
- Attorney General sets 3-year foreclosure plan for ...
- Top 10 things to know about Social Security
- Understanding Social Security benefits
- Maricopa County homeowners likely to see property-...
- Reagor: Building of homes slows a bit
- At 40, McCormick Ranch still desirable place to li...
- Fountain Hills mulls giving new life to avenue
- Peoria entertainment/hotel plan closer to reality
- Residential lot coverage debated in Arcadia
- Arizonans may not feel closure of local banks
- Proposed Scottsdale condo plan gains height, densi...
- Luxury retirement facility's sales rise
- Audit: Maricopa County housing-agency woes continu...
- Foreclosure starts fell on annual basis in August ...
- Housing prices up in most NE Valley communities
- Housing key part of SkySong's 'secret sauce'
- Valley in top 10 in US for foreign investors
- New tax on home sales is overblown rumor
- Home construction on uptick in Scottsdale
- Building set for approval - USATODAY.com
- Furnishings firm takes over ex-nightclub site
- The market: Views from the trenches
- City closer to Waterfront apartment-plan OK
- Scottsdale council approves permits for downtown b...
- Metro Phoenix a seller's (and landlord's) market
- Scottsdale home prices up 9.26 percent over a year...
- Valley bankruptcies keep plummeting
- IRS pays Swiss ex-banker, whistleblower $104 milli...
- Baby Boomers have many options for retirement plan...
- Proposed condo plan gains height, density
- Cottonwoods considers adding assisted living
- Scottsdale council approves contentious Echo at Wi...
- Phoenix-area home-price dip called a 'natural reac...
- City Planning Commission draws criticism
- US Home Prices Rise in July by Most in 6 Years - D...
- 2 large Phoenix warehouses being built
- City expands affordable housing - USATODAY.com
- Entertainment hub progresses - USATODAY.com
- City hopes Chandler site will be revitalized - USA...
- PV commission member resigns over resort redevelop...
- Top 5 lenders: $500M spent in Ariz. - USATODAY.com...
- 6,900 Scottsdale apartments in pipeline
- Home prices notch first 12-month gain since 2010 -...
- Advice for Arizonans on brink of foreclosure
- New-home sales rise to match 2-year high - CBS New...
- Beach-club complex votes on permits, licenses are ...
- US home sales rose 2.3 percent, sign of recovery
- Toll Brothers Posts Strong Growth - WSJ.com
- A challenge to finish preserve - USATODAY.com
- Valley agent did well by focusing on SHORT SALES -...
- New Mountain Shadows resort plan consolidates buil...
- ARMLS buys researcher
- Mesa senior-living complex will be based on Tempe ...
- Home prices up in 5 areas - USATODAY.com
- Newest numbers don't cast 'shadow'
- Run-up in home prices slows - USATODAY.com
- Fannie Mae posts $2.2B net gain for Q2 - Yahoo! Fi...
- Land purchase for theater expected to finalized so...
- ASU's SkySong will add residential space
- Reagor: New-home market projections promising
- 6 Phoenix-area apartment communities sold
- Fannie and Freddie principal cuts barred - USATODA...
- Phoenix expedites building process
- Plan for luxury homes at resort stirs controversy
- Mystery bidder gets 275 homes - USATODAY.com
- Meritage earnings rise - USATODAY.com
- Mesa minister gets maximum sentence in fraud
- Split up banks, says builder of Citigroup - USATOD...
- New home sales fall to 5-month low in June – USATO...
- GOP rips Geithner about LIBOR - USATODAY.com
- Historic homes at risk after they're foreclosed
- 100 more lots sold in project - USATODAY.com
- 4333 Building plan still viable, extension sought
- Census estimates: Phoenix remains sixth-largest ci...
- SIGNS OF HEALTH - USATODAY.com
- Subdivision is proposed - USATODAY.com
- Reagor: Home-listing group game for some fun
- After 6 years, Scottsdale is settling state-land c...
- Foreclosure Crisis Hits Older Americans Hard - US ...
- Government program to help avoid foreclosure
- Property-tax bills may rise in Paradise Valley sch...
- Construction, housing sectors face challenges
- ▼ September (91)
- ► 2011 (704)