The Earll Townhome Development, located at 70th Street and Earll Drive, sold for $1,000,000 ($38.14/SF) The development consisted of land that contained a home and a duplex, delivered vacant at the close of escrow. The land was re-zoned to R-3, prior to the sale occurring. Located just two blocks south of Old Town Scottsdale’s fine dining, shopping and nightlife scene, the area exudes a “hip and happening” vibe. This development opportunity makes for a fun, exciting and extremely manageable project for the new Buyer, who was looking to offer a great product to a thirsty Scottsdale marketplace.
“In many development projects there comes a point where the developer contemplates passing the torch to another developer or builder, instead of proceeding to complete the project themselves. As was the case with the Earll Townhome Community sale,” said Zack Mishkin, Vice President of ORION Investment Real Estate. Mishkin continued, “The Seller successfully changed the zoning to R-3 and worked with Michael Hauer Architecture to create a contemporary and sophisticated conceptual design for a two-story 10 unit townhome community.
The location boats a “Heart of Scottsdale” atmosphere where Owners will be able to walk or bike to many of Scottsdale’s most renowned culinary and nightlife experiences. The Buyer, an award-winning Scottsdale based developer, recognized the value of what the Seller had accomplished, and the uniqueness of the site’s location, and proceeded to work diligently and effortlessly through the escrow process. The Seller chose not to take this project through the Design and Review Board phase, leaving the opportunity for the Buyer to undergo a large part of the creative process. The sale of this development project was exciting for all parties.” Mishkin represented the Seller in this transaction.
The Seller was 70th St and Earll Townhomes, LLC based out of Arizona. Scottsdale-based LNR Holdings, L.L.C. was the Buyer, represented by George Wanner of Keller Williams Realty Sonoran Living.