Good news for luxury home seekers in Scottsdale! New luxury Scottsdale condos are to be built in Old Town as part of a joint venture between Scottsdale-based developer Deco Communities, Isle Ranch Partners (California) and Castlelake (Minneapolis). Deco Communities plans for a 90-unit midrise condo complex, along with underground parking, a rooftop swimming pool and a 4,000-square-foot fitness center with a juice bar and lounge.
This $37 million project, called Envy, is designed for a new generation of affluent millennials who long to live at the heart of the action. Located on a prime 1-acre parcel near 75th Street and Camelback Road, the tower will be surrounded by the vibrant and fast-paced lifestyle of Downtown Scottsdale. Plans call for 8 stories overlooking the entertainment district, as well as 90 luxuriously appointed condos. Each condo will range from around 800 to 1,750 square feet, with prices starting at $425,000.
Envy couldn’t have come at a better time. Since the housing bust, the market for condos and townhomes has had a more difficult recovery than that for single-family homes. Rentals, however, were still popular, and a number of condo projects were converted to apartments. As for new construction condos, there have been very few. Today, there is a pent-up demand for luxury Scottsdale condos, and not all developers have caught up yet. With little in the way of competition, Envy might be just ahead of the rebound.
The projected completion date for Envy is around 2016, though reservations are slated to begin this summer.
For more information on luxury Scottsdale condos for sale, call us at (602) 791-0536. You can also reach us by email at Carmen@TopScottsdaleHomes.com.
Carmen Brodeur JD
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260