Part of a trend nationwide, a project currently under construction at Scottsdale Road and Lincoln Drive in Scottsdale is set to bring the economic stimulus of 264 luxury apartments to a developed urban area where amenities and infrastructure are already in place. The anticipated advantage to the city is retail activity — such as shopping and dining out — that will benefit local businesses as well as generate sales tax monies for the city, explains Michael Lieb of Michael A. Lieb, Ltd., who brokered the deal involving Phoenix-based Alliance Residential Company, a top national developer of luxury properties, and is still involved with the site’s retail development.
Lieb, with 20 years’ experience in urban development throughout Greater Phoenix, credits the PUD (planned unit development) Scottsdale passed in 2009 as the driving force in such redevelopment projects by allowing higher density as part of mixed-use at some intersections outside the downtown area. The outdated office complex that had occupied the 5.32 acres was “not the best use of the high-traffic corner,” he observes. “It was an ideal opportunity for economic stimulation.”
Construction has already begun on the four-story apartments with underground parking, which will be offered as rental units. For the project’s 22,000 square feet of retail, Lieb says he is “taking it slow to ensure it has the right mix of high-end and has enough parking.” He anticipates both residential and retail coming online in early 2014.