SCOTTSDALE, ARIZ. — Crescent Communities and Glimcher Realty Trust have broken ground on the $61 million, 275-unit Crescent Scottsdale Quarter multifamily property. The project is the first residential property in the upscale mixed-use development of Scottsdale Quarter.
The six-story Crescent Scottsdale Quarter, located on 2.7 acres on the Greenway Hayden Loop, will offer studio, one- and two-bedroom apartments. Crescent Communities and Glimcher expect the property to open in the spring of 2015.
“Scottsdale Quarter is a fashionable hub that offers unmatched amenities yet preserves the beauty of the desert,” says Jim Caulet, senior vice president of Crescent’s multifamily group. “It is the perfect fit for our model of building authentic lifestyle experiences for people, and we are pleased to bring the Crescent approach to luxury multifamily living in Scottsdale.”
The complex will feature amenities including a resort-style saltwater pool and two-story fitness center. It will also be one of the first apartment communities in Scottsdale to comply with the 2012 International Energy Conservation Code and Green Construction Code.
Occupants will be in close proximity to Scottsdale Quarter’s 370,000 square feet of retail and restaurant options — including Apple, Restoration Hardware, lululemon, Calypso St. Barth and True Food Kitchen — and 203,000 square feet of office space.
“Scottsdale Quarter has become one of the pre-eminent examples of experience-centered retail in the country,” says Marshall Loeb, president and COO of Glimcher. “We are pleased to welcome Crescent Scottsdale Quarter to the center, where residents will enjoy front-door access to the area’s most vibrant mix of shopping, dining and entertainment.”
Equity from Crescent Communities and Glimcher, as well as a loan from Regions Bank, will fund construction of Crescent Scottsdale Quarter. Whiting-Turner Contracting Co. is working as general contractor, Gromatzky Dupree & Associates is serving as lead architect, and Nelsen Partners Inc. is providing design architecture services. Kimley-Horn and Associates is the civil engineering partner.
The project is Crescent Communities’ first to be located west of the Mississippi River. The multifamily group of the Charlotte, N.C.-based company has 5,900 units currently under construction or in pre-development.
Founded in 1959 as The Glimcher Company, Glimcher Realty Trust is a national REIT based in Columbus, Ohio. The trust went public in January 1994 and trades under the New York Stock Exchange symbol GRT. Glimcher’s price per share closed at $9.72 on Wednesday, down from $10.62 year-over-year.
— John McCurdy