Archstone Purchases 7.8 Acres in Tempe, Plans 234-Unit Complex

VIZZDA–August 24th, 2012 — A parcel of land totaling 7.8 acres at the Northwest corner of Scottsdale and Curry Roads was purchased by Archstone for $8,500,000 or $25.02 per square foot. 

The land is being sold by Bruce Shapiro of Arizona Partners and Martin Landis of Landwin Commercial Real Estate who foreclosed on the property on July 26th, 2011 with a $6,250,000 credit bid after acquiring the note from LNR Partners as special servicer for Bank of America CMBS on July 14th, 2011. 

New zoning was approved March 8th, 2012 for a 234 unit apartment complex or 396 bedrooms, consisting of ten two-story buildings, seven three-story buildings, and one four-story building. The primary access to the site will be west of Scottsdale Road on Curry Road. The site will have a lot coverage of 36% and 30 dwelling units per acre.

The site was previously zoned General Industrial and was occupied by a 79,705 SF neighborhood shopping center, which was mostly vacant prior to its demolition in the summer of 2012.

By:

Dan Alpers

Director of Planning and Municipal Solutions

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s