Showing posts with label optima. Show all posts
Showing posts with label optima. Show all posts
Sunday, February 24, 2013
New apartments’ design called ‘fresh and exciting’
Downtown Scottsdale is getting its first new apartments in more than a decade.
Optima Sonoran Village will move in its first residents next month in a seven-story, 210-unit building of landscaped terraces, tinted green glass and an exterior color palette of yellow, orange and green.
Optima’s contemporary design is intended to bring something fresh and exciting to Scottsdale, said David Hovey Jr., Optima vice president.
Read more: New apartments’ design called ‘fresh and exciting’
Tuesday, May 1, 2012
Scottsdale development projects
Scottsdale is experiencing a surge of new development projects either planned or under construction.
Among the more high-profile are a $135 million Blue Sky apartments near Scottsdale Fashion Square and the Optima Sonoran Village condominium complex southeast of Camelback and 68th Street. Developers are hoping to construct a total of 5,700 apartment units in at least 18 projects citywide. Nearly two-thirds of the proposed units are downtown and along McDowell Road.
Blue Sky -- Construction is expected to start this summer on the $135 million, 13-story apartment complex on Scottsdale Road just north of Camelback Road and across from Scottsdale Fashion Square.
Mark-Taylor -- Mark-Taylor Residential Inc. is planning 536 apartment units at 74th Street and McDowell Road, the old Los Arcos site. The city in September also agreed to sell the apartment developer 3.74 acres of city-owned land nearby for the complex.
Maravilla Scottsdale --The resort-style senior community is scheduled for completion in May just west of the Fairmont Scottsdale Princess resort. Plans call for 217 residences, including 36 assisted-living units and 24 memory-care units.
Scottsdale Retail Plaza --The City Council just cleared the way for development of the new beach club in the downtown-entertainment district south of Camelback Road and east of Scottsdale Road. Plans include an indoor/outdoor pool club in the center, a building with restaurant and bar space on the western side and a three-tenant building intended for restaurant and bar use on the eastern side.
Reata Ranch -- Developer Taber Anderson wants to build up to 35 lodge units, 75 cabins, 120 casitas and 100 villas at the guest ranch, which could include stables and hiking and equestrian trails into the nearby McDowell Sonoran Preserve.
Optima Sonoran Village -- Initial site work began last fall on the 10-acre property southeast of Camelback Road and 68th Street, with the first phase of 210 units expected to be finished by September 2013. The project primarily is a condominium development, with rental units available.
by Beth Duckett - Apr. 27, 2012 08:53 AM The Republic | azcentral.com
Scottsdale development projects
Among the more high-profile are a $135 million Blue Sky apartments near Scottsdale Fashion Square and the Optima Sonoran Village condominium complex southeast of Camelback and 68th Street. Developers are hoping to construct a total of 5,700 apartment units in at least 18 projects citywide. Nearly two-thirds of the proposed units are downtown and along McDowell Road.
Blue Sky -- Construction is expected to start this summer on the $135 million, 13-story apartment complex on Scottsdale Road just north of Camelback Road and across from Scottsdale Fashion Square.
Mark-Taylor -- Mark-Taylor Residential Inc. is planning 536 apartment units at 74th Street and McDowell Road, the old Los Arcos site. The city in September also agreed to sell the apartment developer 3.74 acres of city-owned land nearby for the complex.
Maravilla Scottsdale --The resort-style senior community is scheduled for completion in May just west of the Fairmont Scottsdale Princess resort. Plans call for 217 residences, including 36 assisted-living units and 24 memory-care units.
Scottsdale Retail Plaza --The City Council just cleared the way for development of the new beach club in the downtown-entertainment district south of Camelback Road and east of Scottsdale Road. Plans include an indoor/outdoor pool club in the center, a building with restaurant and bar space on the western side and a three-tenant building intended for restaurant and bar use on the eastern side.
Reata Ranch -- Developer Taber Anderson wants to build up to 35 lodge units, 75 cabins, 120 casitas and 100 villas at the guest ranch, which could include stables and hiking and equestrian trails into the nearby McDowell Sonoran Preserve.
Optima Sonoran Village -- Initial site work began last fall on the 10-acre property southeast of Camelback Road and 68th Street, with the first phase of 210 units expected to be finished by September 2013. The project primarily is a condominium development, with rental units available.
by Beth Duckett - Apr. 27, 2012 08:53 AM The Republic | azcentral.com
Scottsdale development projects
Sunday, November 27, 2011
Phoenix Optima condo developer set for 3rd effort
Rendering courtesy of Optima The project will be called Optima Sonoran Village and will be located on nearly 10 acres at the northeastern corner of Camelback Road and 68th Street in Scottsdale, according to co-developers Optima Inc. of Glencoe, Ill., and DeBartolo Development LLC of Tampa.
The developer of two luxury-condominium projects in the Phoenix area said it has secured land and financing to develop a new project near Scottsdale Fashion Square.
The project will be called Optima Sonoran Village and will be located on nearly 10 acres at the northeastern corner of Camelback Road and 68th Street in Scottsdale, according to co-developers Optima Inc. of Glencoe, Ill., and DeBartolo Development LLC of Tampa.
Like its sister project, Optima Camelview Village, 7177 E. Rancho Vista Drive in Scottsdale, Optima Sonoran Village will be a multiphase residential project made up of tiered levels covered with greenery, the developers said.
Unlike the two previous projects, which include Optima Biltmore Towers, 4808 N. 24th St. in Phoenix, the next Optima project will begin as an apartment community.
Optima Sonoran Village's first, 210-unit phase will be developed by Optima Sonoran Village Phase I LLC, a joint venture between Optima, a multifamily-housing developer, and DeBartolo, a real-estate investment firm specializing in multifamily, hospitality, retail and mixed-use projects.
The first phase is scheduled to break ground in 2012 and begin leasing in 2013, the developer said.
Architect and Optima founder David Hovey said Optima Sonoran will be similar to Optima Camelview in that its architecture will be designed to blend in with the surrounding environment.
"Each residential unit will have a private, landscaped green roof terrace creating an indoor-outdoor experience for our residents and a dynamic visual esthetic for the development," he said.
Optima acquired the 10-acre site in July 2009. The company declined to provide estimated development costs, apartment sizes or monthly lease rates.
Optima Sonoran's initial phase will consist of a seven-story terraced building with 210 luxury residential units.
Eventually, five interconnected buildings will be linked by bridges with supporting commercial, retail and restaurant services, and over 5.5 acres of landscaped courtyards interspersed with pools, spas, water features and sculptures, the company said.
The entire project will be completed in five phases and may be converted to condominiums in the future, an Optima spokeswoman said.
Most luxury-condominium developers have been struggling lately, while upscale-apartment operators have been enjoying growth in occupancy and lease rates.
by J. Craig Anderson The Arizona Republic Nov. 24, 2011 06:42 PM
Phoenix Optima condo developer set for 3rd effort
Sunday, October 10, 2010
Scottsdale condos defying real-estate market
Mark Henle/The Arizona Republic Optima Camelview Village's tiered roofs and terraces topped with greenery are an attention-grabber.
The owner of Optima Camelview Village condominiums in Scottsdale said sales and property values have been surprisingly resilient for the architectural-award-winning project.
While the new-condo market has long been declared dead by most real-estate analysts, Chicago-based Optima Realty Inc. owner David Hovey said buyer interest in the innovative complex, with its tiered, greenery-topped roofs and terraces, has remained steady.
Hovey said the company has begun work on Camelview Village's third and final phase. Of the 750 units originally planned when the project opened in September 2006, only 86 units remain.
Hovey said the ultimate total of individual residences would end up being closer to 675, because some buyers purchased two, or even three, adjacent units and combined them into a single residence.
While there has been some fluctuation in the price of new units at Camelview Village, Hovey said the project's sales history hardly resembled the free fall in price and demand that has occurred at other Valley condo communities.
"It has had less effect on our development than it did on any other condo development in the Phoenix/Scottsdale area," he said, referring to other projects that had yet to sell out before the condo-market crash of 2008.
Sales data provided by Optima show that the average sales price for a new Camelview Village unit in late 2006 was about $639,000.
The average new-unit price increased in 2007 to $709,000 and dropped slightly to $696,000 in 2008.
The largest drop in new-unit value occurred from 2008 to 2009, when the average sale price was $612,000.
As of Aug. 30, the average new-home price at Camelview Village has recovered this year to $630,000 - less than 2 percent below the original price in 2006.
Sales activity has slowed over the past four years, which Hovey said was not unexpected.
"There's always a pent-up demand at the beginning," he said.
In the last four months of 2006, Optima sold 96 units, and another 252 units in 2007.
New-unit sales decreased to 149 sales in 2008 and then 53 sales in 2009.
This year's total of 39 new-unit sales, as of Aug. 30, was on pace to match or improve upon the 2009 total, Hovey said.
He said that most other Phoenix-area upscale condominium projects are either selling their units at a fraction of the original asking price or have converted them into luxury apartments.
Camelview Village homeowner and resident Coreen Young, 73, said she bought her home in late January, after the death of her husband, Don.
Young, who has lived in Scottsdale since 1991, said she had resolved to move into a new living space and that her home search kept leading her back to Camelview Village.
She said the central location, at Highland Avenue and Scottsdale Road, the wide variety of amenities and the project's unusual architecture all weighed heavily in her decision.
"It's a unique property - it's recognizable," Young said. "All you have to do is mention the garden terraces and people immediately know what you're talking about."
by J. Craig Anderson The Arizona Republic Oct. 9, 2010 12:00 AM
Scottsdale condos defying real-estate market
The owner of Optima Camelview Village condominiums in Scottsdale said sales and property values have been surprisingly resilient for the architectural-award-winning project.
While the new-condo market has long been declared dead by most real-estate analysts, Chicago-based Optima Realty Inc. owner David Hovey said buyer interest in the innovative complex, with its tiered, greenery-topped roofs and terraces, has remained steady.
Hovey said the company has begun work on Camelview Village's third and final phase. Of the 750 units originally planned when the project opened in September 2006, only 86 units remain.
Hovey said the ultimate total of individual residences would end up being closer to 675, because some buyers purchased two, or even three, adjacent units and combined them into a single residence.
While there has been some fluctuation in the price of new units at Camelview Village, Hovey said the project's sales history hardly resembled the free fall in price and demand that has occurred at other Valley condo communities.
"It has had less effect on our development than it did on any other condo development in the Phoenix/Scottsdale area," he said, referring to other projects that had yet to sell out before the condo-market crash of 2008.
Sales data provided by Optima show that the average sales price for a new Camelview Village unit in late 2006 was about $639,000.
The average new-unit price increased in 2007 to $709,000 and dropped slightly to $696,000 in 2008.
The largest drop in new-unit value occurred from 2008 to 2009, when the average sale price was $612,000.
As of Aug. 30, the average new-home price at Camelview Village has recovered this year to $630,000 - less than 2 percent below the original price in 2006.
Sales activity has slowed over the past four years, which Hovey said was not unexpected.
"There's always a pent-up demand at the beginning," he said.
In the last four months of 2006, Optima sold 96 units, and another 252 units in 2007.
New-unit sales decreased to 149 sales in 2008 and then 53 sales in 2009.
This year's total of 39 new-unit sales, as of Aug. 30, was on pace to match or improve upon the 2009 total, Hovey said.
He said that most other Phoenix-area upscale condominium projects are either selling their units at a fraction of the original asking price or have converted them into luxury apartments.
Camelview Village homeowner and resident Coreen Young, 73, said she bought her home in late January, after the death of her husband, Don.
Young, who has lived in Scottsdale since 1991, said she had resolved to move into a new living space and that her home search kept leading her back to Camelview Village.
She said the central location, at Highland Avenue and Scottsdale Road, the wide variety of amenities and the project's unusual architecture all weighed heavily in her decision.
"It's a unique property - it's recognizable," Young said. "All you have to do is mention the garden terraces and people immediately know what you're talking about."
by J. Craig Anderson The Arizona Republic Oct. 9, 2010 12:00 AM
Scottsdale condos defying real-estate market
Monday, July 5, 2010
Plan calls for luxury condo complex in Scottsdale
by Edward Gately The Arizona Republic Jul. 1, 2010 01:16 PM
An abandoned apartment complex near Scottsdale Fashion Square could soon give way to a multilevel, luxury condominium complex with street-level retail.
Orchidtree, the 9.87-acre complex, has been sitting vacant on the southeastern corner of Camelback Road and 68th Street for about three years now. The property was purchased last spring by Optima, which is developing the Optima Camelview Village condominium complex, at Scottsdale Road and Rancho Vista Drive.
Optima Sonoran Village would include 493 residential units and 40,000 square feet of commercial, retail and amenity space, for a total of about 726,700 square feet of floor space. Five buildings would be arranged around two courtyards in the center of the property.
Four of the buildings would be seven stories in height, while the fifth building would have five floors on its north side and fewer floors on its south side.
"It's a perfect site to do multifamily housing and we think it's going to be a great addition to the neighborhood and city of Scottsdale," said David Hovey Jr., a vice president with Optima. "We had overwhelming support by the neighbors. I personally talked with many of the neighbors, and it's been a great response."
The Scottsdale City Council, at its Tuesday meeting, will consider zoning changes for the property that would allow the development.
"It basically allows them to use the downtown zoning requirements, which allows more height and density," said Brad Carr, a senior planner with Scottsdale. "It's going to be different in that it's going to be more units and greater height."
The city's Development Review Board and Planning Commission voted to recommend council approval of amended site development standards, site plan and building elevations.
Optima Sonoran Village would have the same "vertically stacked courtyard house concept" as Optima Camelview Village, Hovey said. The last one of 11 buildings at Optima Camelview Village is now under construction and the complex is 91 percent occupied, he said. The last building will be completed within a year.
"The layout of units at Sonoran Village will be slightly different, but it will have the same traditional landscaping and similar plant pallet as you see at Camelview Village," Hovey said.
If the council approves the changes in zoning, Optima plans to start construction on Sonoran Village in 18 months, he said. The project would be completed in three years, he said.
"The timeline is about the same as Camelview, however, Camelview was a little bit slower due to market conditions," he said. "Just like any real-estate developer, the last couple of years have been interesting times, but we're looking forward to starting with Sonoran Village, and we feel like there will be a need for multihousing in downtown Scottsdale."
Plan calls for luxury condo complex in Scottsdale
An abandoned apartment complex near Scottsdale Fashion Square could soon give way to a multilevel, luxury condominium complex with street-level retail.
Orchidtree, the 9.87-acre complex, has been sitting vacant on the southeastern corner of Camelback Road and 68th Street for about three years now. The property was purchased last spring by Optima, which is developing the Optima Camelview Village condominium complex, at Scottsdale Road and Rancho Vista Drive.
Optima Sonoran Village would include 493 residential units and 40,000 square feet of commercial, retail and amenity space, for a total of about 726,700 square feet of floor space. Five buildings would be arranged around two courtyards in the center of the property.
Four of the buildings would be seven stories in height, while the fifth building would have five floors on its north side and fewer floors on its south side.
"It's a perfect site to do multifamily housing and we think it's going to be a great addition to the neighborhood and city of Scottsdale," said David Hovey Jr., a vice president with Optima. "We had overwhelming support by the neighbors. I personally talked with many of the neighbors, and it's been a great response."
The Scottsdale City Council, at its Tuesday meeting, will consider zoning changes for the property that would allow the development.
"It basically allows them to use the downtown zoning requirements, which allows more height and density," said Brad Carr, a senior planner with Scottsdale. "It's going to be different in that it's going to be more units and greater height."
The city's Development Review Board and Planning Commission voted to recommend council approval of amended site development standards, site plan and building elevations.
Optima Sonoran Village would have the same "vertically stacked courtyard house concept" as Optima Camelview Village, Hovey said. The last one of 11 buildings at Optima Camelview Village is now under construction and the complex is 91 percent occupied, he said. The last building will be completed within a year.
"The layout of units at Sonoran Village will be slightly different, but it will have the same traditional landscaping and similar plant pallet as you see at Camelview Village," Hovey said.
If the council approves the changes in zoning, Optima plans to start construction on Sonoran Village in 18 months, he said. The project would be completed in three years, he said.
"The timeline is about the same as Camelview, however, Camelview was a little bit slower due to market conditions," he said. "Just like any real-estate developer, the last couple of years have been interesting times, but we're looking forward to starting with Sonoran Village, and we feel like there will be a need for multihousing in downtown Scottsdale."
Plan calls for luxury condo complex in Scottsdale
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