Maravilla Scottsdale luxury retirement community has been delayed

by Peter Corbett The Republic | azcentral.com Jul. 29, 2010 04:26 PM

Maravilla Scottsdale, a luxury retirement community that has been delayed, is completing work on its underground garage and plans to start its main building by mid-September.

The 217-unit community is on about 25 acres adjacent to the Fairmont Scottsdale Princess resort northeast of Scottsdale Road and Frank Lloyd Wright Boulevard.

The Senior Resource Group LLC plans to complete Maravilla Scottsdale by March 2012, said Michael Grust, chief executive of the Solana Beach, Calif., company.

A delay in the project should allow for some recovery of the real-estate market before it opens, he said.

"We're all hoping the world is a better place in 2012," Grust said. "It's been a very tough go."

Maravilla Scottsdale, which surfaced more than two years ago, is among four large luxury retirement communities in the Northeast Valley that have hit the housing market at a difficult time.

That includes Arté at 114th Street and Via Linda and Sagewood, southwest of Loop 101 and Tatum Boulevard. Both opened earlier this year.

Silverstone opens in September

Vi at Silverstone, originally called Classic Residences at Silverstone, is scheduled to open Sept 7. The $195 million project of 270 independent-living units is on 32 acres southeast of Pinnacle Peak and Scottsdale roads on the former Rawhide theme park site.

Maravilla, Vi at Silverstone and Sagewood are all classified as continuum of care retirement communities. Residents, generally in their 80s and older, stay in independent- and assisted-living apartments or memory-care units for residents with dementia.

Vi at Silverstone will have 24 beds in a skilled-nursing center.

All of the luxury retirement communities have resortlike amenities, including pools and spas, fitness rooms, restaurants and small movie theaters.

Developers count on Boomers

A number of companies are aggressively going after the seniors market based on America's aging population of more than 70 million Baby Boomers.

Grust of the Senior Resource Group said the company is confident that Maravilla Scottsdale will do well in Scottsdale, which is a desirable retirement community. Maravilla Scottsdale's residents will have access to the Fairmont Scottsdale Princess' resort amenities and the Senior Resource Group also has a partnership with Scottsdale Healthcare to provide on-site services.

"Our biggest competitor is the home," Grust said, adding that it can be a tough decision for seniors to leave their longtime residences.

Maravilla Scottsdale is building a four-story main building with 118 courtyard residences and 39 casitas in separate two- and three-story buildings.

Maravilla Scottsdale's entry fee starts at $238,700. Monthly rates start at $1,900 for a 900-square-foot apartment up to $2,900 for a casita.

More than 70 buyers have paid 10 percent deposits at Maravilla Scottsdale, Grust said.

Silverstone has an entry fee as low as $259,999 for its smallest units.

Close to 300 construction workers will be on the job when Maravilla Scottsdale starts its main building. When completed, the community will employ about 170 people.


Maravilla Scottsdale luxury retirement community has been delayed