Developments

Optima acquires 22-acre site for new Scottsdale residential project

Posted 1/10/23

Cushman & Wakefield announced the firm has advised Optima in the acquisition of a 22-acre development site on the southeast corner of Scottsdale Road and the Loop 101 freeway in Scottsdale.

This story requires a subscription for $5.99/month.

Already have an account? Log in to continue.

Current print subscribers can create a free account by clicking here.

Otherwise, click here to subscribe.

To Our Valued Readers –

Visitors to our website will be limited to five stories per month unless they opt to subscribe. The five stories do not include our exclusive content written by our journalists.

For $5.99, less than 20 cents a day, digital subscribers will receive unlimited access to YourValley.net, including exclusive content from our newsroom and access to our Daily Independent e-edition.

Our commitment to balanced, fair reporting and local coverage provides insight and perspective not found anywhere else.

Your financial commitment will help to preserve the kind of honest journalism produced by our reporters and editors. We trust you agree that independent journalism is an essential component of our democracy. Please click here to subscribe.

Sincerely,
Charlene Bisson, Publisher, Independent Newsmedia

Please log in to continue

Log in
I am anchor
Developments

Optima acquires 22-acre site for new Scottsdale residential project

Posted

Cushman & Wakefield announced the firm has advised Optima in the acquisition of a 22-acre development site on the southeast corner of Scottsdale Road and the Loop 101 freeway in Scottsdale.

Chicago-based Optima is constructing a new luxury mixed-use residential project named Optima McDowell Mountain Village on the northern Scottsdale site, according to a press release. The project will consist of six 8-story buildings totaling approximately 1,330 residential units plus 36,000 square feet of commercial space plus top amenities. 

Four of the buildings will be rental apartments and the other two are for-sale condominiums. The unit mix will consist of studios, one-bedroom, two-bedroom and three-bedroom units that range from 775 to 2,025 square feet.

Optima acquired the land from John Lund for $44.75 million. The site was originally proposed for three new car dealerships, the release explained.

Managing Director Don Arones with Cushman & Wakefield in Phoenix represented the buyer and Marty De Rito of De Rito Partners, Inc. represented the seller in the transaction. 

The project was recently approved by the city council and is estimated to cost up to $1 billion, the release stated.

“This will be a world-class residential project and will provide needed upscale housing to the many employers in the growing Scottsdale area and surrounding communities. The property is strategically located along the freeway that will also make it very convenient for residents to access any destination,” said Don Arones in the release.

Designed by architects David C. Hovey and David Hovey, Jr., Optima McDowell Mountain Village is comprised of six concrete-framed condominium and apartment buildings with undulating landscaped facades that echo the shapes of the McDowell Mountains.

Each of the six buildings will contain its own resort-style amenity offering which will include a rooftop deck with a 50-meter Olympic-length swimming pool, a sauna, a spa and a cold plunge among many other luxury features.

The ground-floor level of each building will be similarly outfitted with spacious, well-appointed lobbies, a fitness center and yoga studio that look out over the landscaped courtyard, a sauna and steam room plus much more. 

With views of the majestic McDowell Mountain range as the backdrop, the location is just a five-minute drive to the shopping, dining and entertainment destinations of Scottsdale Quarter and Kierland Commons. 

Being adjacent to the Loop 101 Freeway and just two minutes from the SR-51 Highway and ten minutes away from the I-17 Highway will allow residents to be just 15-25 minutes from Downtown Phoenix, Glendale, Old Town Scottsdale, Tempe, Mesa and Phoenix Sky Harbor Airport, the release detailed.  

Also, the development will feature a bicycle and pedestrian path around the perimeter of the development that will connect to the bicycle and multi-use paths of the City of Scottsdale Bicycle Master Plan. 

Parking at McDowell Mountain Village will be 100% underground, and Optima will also be developing a new roundabout on Mayo Boulevard.

Optima, Cushman & Wakefield, Optima McDowell Mountain Village, new development, housing