A 4.5 acre land parcel at the southwest corner of Scottsdale Road and Chauncey Lane in Scottsdale has sold for $7.1 million, or $36.33 per square foot.
Lee & Associates Principal Bob Kling negotiated the sale on behalf of the buyer, Chauncey Retail Partners in Tempe, and the seller, JBL Scottsdale Market, LLC of Dallas, Texas.
Plans for the property include a 300-unit, four-story luxury apartment community, a four-building, high-end retail development with approximately 33,000 square feet facing Scottsdale Road, according to a press release.
One of the retail buildings will feature several floors of Class A office space above the retail component totaling approximately 20,000 square feet.
The development will feature walkable amenities, lush landscaping, gathering spaces and an urban street environment in the spirit of other nearby developments such as Kierland Commons, the release stated.
Construction is set to begin sometime in 2017.
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