Glimcher Realty Trust and Crescent Communities announced plans to add a 275-unit, luxury apartment community to Scottsdale Quarter in Scottsdale.
Located on the NEC of the property along Greenway-Hayden road, the community will include upscale amenities and modern décor. Development will begin in 4Q 2013.
“We are pleased to announce our partnership with Crescent Communities, one of the nation’s premier, multifamily developers,” said Michael P. Glimcher, Chairman of the Board and CEO of Glimcher. “A luxury, multi-family community has always been a part of our vision for The Quarter.
“Based on the high level of demand from retailers and businesses interested in coming to Scottsdale Quarter, adding luxury apartments will build upon the center’s current success.”
Residential amenities will include an elevated resort-style pool and a 2-story, state-of-the-art fitness center with views of McDowell Mountains, in addition to providing its occupants front-door access to exclusive retail, premier restaurants and great entertainment, including iPicTheaters, Eddie V’s, Dominick’s and True Food.
Under a joint venture agreement, Crescent will develop and manage the residential community with Glimcher maintaining a minority ownership interest.
“We could not ask for a better opportunity to bring the Crescent approach to luxury multifamily community building in the Southwest than within the experiential retail community that Glimcher Realty Trust has created with Scottsdale Quarter,” said Brian Natwick, President, Crescent Communities Multifamily Group.
“Our plan for luxury multifamily living integrates ideally with Scottsdale Quarter and furthers our mission of building authentic places that enhance the lives of people.”
Scottsdale Quarter is among Crescent’s first luxury multi-family residential communities west of the Mississippi. The company developed Portland Place in Phoenix in 2006 and last year developed and sold a luxury student housing community near the University of Texas.
Headquartered in Charlotte, N.C., Crescent has 18 multi-family projects with 5,300 units under construction or in planning/pre-development in the Southeast, including projects in North Carolina, Tennessee, Georgia and Florida.
Scottsdale Quarter is an outdoor, urban, mixed-use development. It is home to 39 exclusive retailers and restaurants as well as 17 office tenants representing more than 1,000 employees.