A 4.5-acre land parcel near Scottsdale Road and Princess Boulevard was sold for $7,128,728, according to Lee & Associates.
The new owners plan to develop a mixed-use project, including a 300-unit,. 4-story luxury apartment complex, on the land at the southwest corner of Scottsdale road and Chauncey Lane.
The mixed-use development also includes a four-building, 33,000-square-foot retail development facing Scottsdale Road. One of retail buildings will have about 20,000 square feet of Class A office space.
The development will have walkable amenities, lush landscaping, gathering spaces and an urban street environment, similar to Kierland Commons and other nearby developments.
Lee & Associates Principal Bob Kling negotiated the sale on behalf of the buyer, Tempe-based Chauncey Retail Partners, and the seller, Dallas-based JBL Scottsdale Market.