Optima Acquires 22-Acre Development Site in Scottsdale for $1B Residential Project


Located in Scottsdale, Ariz., Optima McDowell Mountain Village will feature six eight-story buildings offering a total of 1,330 residential units and 36,000 square feet of commercial space. (Rendering courtesy of Optima)

SCOTTSDALE, ARIZ. — Chicago-based Optima has purchased a 22-acre development site on the southeast corner of Scottsdale Road and Loop 101 Freeway in Scottsdale for the development of Optima McDowell Mountain Village, a $1 billion residential project that recently received city approval. John Lund sold the land parcel for $44.7 million.

The community will consist of six eight-story buildings totaling 1,330 residential units, as well as 36,000 square feet of commercial space. Four of the buildings will be rental apartments and two buildings will offer for-sale condominiums. The unit mix will include studios, one-, two- and three-bedroom layouts ranging from 775 square feet to 2,025 square feet.

Each of the six buildings will offer a rooftop deck with a 50-meter, Olympic-length swimming pool, sauna, spa, cold plunge, running track, outdoor fireplaces, lounge seating, and outdoor kitchens with barbecues and dining spaces. Additionally, each building will feature lobbies, a fitness center, yoga studio, sauna, steam room, residents’ club with game room and theater, an indoor basketball and pickleball court, an outdoor pickleball arena, a golf simulator, an outdoor putting/chipping area, indoor and outdoor kids’ play spaces, a massage room, a dog park and pet spa, business center, and conference room.

Parking at Optima McDowell Mountain Village will be 100 percent underground and a new roundabout will be constructed on Mayo Boulevard to help control traffic. Architects David C. Hovey and David Hovey Jr. designed the project.

Don Arones of Cushman & Wakefield’s Phoenix office represented the buyer, while Marty De Rito of De Rito Partners represented the seller in the deal.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Pavlov Media
‣ Walker & Dunlop

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