TDI Real Estate Holdings LLC, a developer of Class-A multi-family housing, has begun construction on the second phase of a project that will bring up to 750 units of luxury housing to Scottsdale. Construction of Jefferson on Legacy is presently underway on 322 units scheduled for completion in 2015.
The site is located within the One Scottsdale master-planned development located at the northeast corner of the 101 Freeway and Scottsdale Road in the heart of the growing north Scottsdale corporate corridor. The 80-acre mixed-use property is planned for specialty retail, dining, Class-A office and hotel uses, along with a variety of luxury residential choices. The corporate component is anchored by the Dial/Henkel North American Headquarters. The retail mixed-use component is owned by DMB Associates, Inc. in partnership with national retail developer Macerich. Michael Burke, Vice President of DMB Commercial said, “TDI’s Jefferson community at One Scottsdale has been a great complement to the vision for this community. One Scottsdale’s unique location and proximity to employment and entertainment make it a highly desirable destination. We are looking forward to another phase of this luxury multifamily community.”
“We will be offering the market another superior product with unprecedented amenities and an ideal location near employment centers and adjacent to the Grayhawk luxury golf course,” said Gus Villalba, TDI Executive Vice President and Investment Partner. “Jefferson on Legacy will be the premier luxury multi-family project in north Scottsdale to meet a growing demand for upscale housing in this submarket, which is a major employment center for the region.”
Jefferson on Legacy will consist of 150 one bedroom/one bath apartments, 151 two bedroom/two bath apartments and 21 three bedroom/three bath apartment homes. Residents will be able to enjoy a 10,400 square foot clubhouse including: a lounge with arcade games, media room, gourmet kitchen and fitness center with spin bikes, resort size swimming area with spa and Wi-Fi access in all common areas. The site includes 242 garage spaces, 134 carport spaces, and open parking to satisfy all parking needs. The entire complex will be access controlled.
Financing was arranged by JLL (Jones Lang LaSalle L.P.) with a construction loan through Fifth Third Bank and equity financing from a well-established Institutional Equity Provider.