A Los Angeles company wants to increase the height and density of a condominium complex it hopes to build in downtown Scottsdale's entertainment district.
Hewson Investment Group has submitted an application to amend development standards for floor area, height and density to build the complex on a 1.8-acre site at 4422 N. 75th St., near the southwestern corner of Indian Plaza Road and 75th Street.
The area is home to the largest concentration of bars in Maricopa County.
The application is being submitted under the downtown infill-incentive district and plan, which was approved by the City Council in July 2010.
It allows property owners to request amended development standards in the downtown area to include such things as greater height and density, in exchange for public benefits.
The complex would include 112 condominiums in an eight-story building totaling 90 feet in height. It would be built in the current location of the Lodge, an area bar.
In 2007, the council approved rezoning for Hewson to build Boutique 75 Lofts on the site.
The complex would have included about 45 condominiums in a four-story building.
Hewson is utilizing the city's downtown infill-incentive district to provide additional housing in the area, said John Berry, a zoning attorney representing the firm.
"The Lodge is not immediately closing, but eventually it will close," he said. "It would close whether the project approved in 2006 or this is (built)."
Hewson has owned the parcel since before the 2007 rezoning, Berry said.
The complex would be adjacent to the Hotel Indigo, which has five floors, and in proximity to the W Hotel, which has six floors.
"There's a belief that there's a demand for the product in that area," Berry said. "These are intended to be for-sale condos, and it's going to be people who want to live in proximity to the entertainment district or in downtown."
The condominiums will range in size from about 600 square feet to 1,200 square feet, and 27 percent of the site would be maintained as open space, according to the application. The complex would not include any commercial, restaurant, bar or retail uses to compete with existing or future land uses in the district.
"The request for additional height is appropriate given the height of the adjacent Hotel Indigo and the densities of the nearby projects such as the W Hotel and Waterfront (and planned developments such as Safari Drive and Blue Sky)," according to the application.
The zoning for the project is already in place, said Greg Bloemberg, city planning staff coordinator. City staff is reviewing the infill-incentive district proposal, he said.
Berry said condominium development is starting to make a comeback as the market continues to improve. He also is working with Deco Communities on the Echo at Windgate condominium complex to be built on an 11-acre site that wraps around the Windgate Crossing shopping center northwest of Bell Road and Thompson Peak Parkway.
Other residential is being planned in the entertainment district. Developer Shawn Yari has two projects in the pipeline that would bring 320 apartment units to the district.
Industry East (188 units plus retail) and Industry West (132 units plus retail) are in the early stages of the city's planning-approval process.
The complexes would be on the north side of Stetson Drive between Wells Fargo Avenue and 75th Street.
by Edward Gately - Sept. 16, 2012 The Republic | azcentral.com
Proposed Scottsdale condo plan gains height, density
Reuters: Business News
National Commercial Real Estate News From CoStar Group
Latest stock market news from Wall Street - CNNMoney.com
- ► 2017 (81)
- ► 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)