Scottsdale-based Cornerstone Realty & Development bought 8.24 acres of land in Glendale for $2,690,186.40, according to the commercial real estate tracking website Vizzda. The cost of the land, located at the southeast corner of Glendale and 83rd avenues in Glendale, breaks down to $326,478.93 per acre.
The seller was Rightstart Subsidiary LLC.
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The developer’s plans for the vacant land include a proposed 88-unit multi-family residential complex in 10 buildings. The unit mix is 32 one-bedroom units and 56 two-bedroom units.
The proposal also includes 82,000 square feet in one retail center and about 5,000 square feet of retail in one freestanding pad.
Plans also indicate a 120-key hotel in one four-story building.
The development plan also calls for 185 residential parking spaces for a ratio of 2.1 per unit, and 115 retail parking spaces for a ratio of 1.32 per 1,000 square feet.
Other potential uses include banks, offices, and fast-food restaurants.
