Commercial Real Estate

Construction Complete and Grand Opening Taking Place on Tuesday at SkySong Apartments Scottsdale

Construction has been completed on the SkySong Apartments Scottsdale, with a Grand Opening Event taking place on Tuesday evening.
The final phase of the 325-unit community is now available for lease, completing the approximately 19-month construction period. The apartments are already enjoying strong leasing both to people who work within the project and those who want to live in this dynamic area of the Valley.
And importantly, the City of Scottsdale’s committed contribution to the overall cost of SkySong, The ASU Scottsdale Innovation Center has been reduced by $3 million in exchange for the rights to develop the apartment homes.
The apartment homes features innovative, modern architecture and a variety of floor plans to attract professionals who are employed in the area, as well as those who work on the SkySong campus. It features traditional flat and loft designs with private patios or balconies, quartz and local stone accents, a large pool and Jacuzzi, TechnoGym equipped athletic center and many other state-of-the-art features, such as CenturyLink Prism.
MT Builders was the construction firm responsible for the project build-out, and Lincoln Property Company is the property management company for the development.
Don Couvillion, Vice President of Real Estate for the ASU Foundation, said the apartment homes are filling a key need in the area.
“We are very pleased with the success of the SkySong Apartments Scottsdale to date and are excited to have construction complete,” Couvillion said. “This high-quality residential development is filling a niche for professionals who want to work at SkySong and in the surrounding area, and come home to a truly exceptional residential experience.”
Sharon Harper, President & CEO of Plaza Companies, said the residential component is a key part of making the SkySong vision a reality.
“The vision of SkySong as a mixed-use development is now truly a reality,” Harper said. “Already we are seeing a great deal of excitement from people who not only want to work at SkySong, but want to live there as well. And with SkySong 3 opening this summer, we are proud of the momentum that is taking place on the property.”
SkySong Apartments was developed by the ASU Foundation with its financial partner, USAA Real Estate Company, and was designed to compliment the overall SkySong project by including an upscale residential component for the use of the SkySong tenants and their employees.  The City of Scottsdale, ASU, and the ASU Foundation, along with master developer Plaza Companies and Holualoa Companies, are partners in the overall project development.  
SkySong, the ASU Scottsdale Innovation Center is a home to a global business community that links technology, entrepreneurship, innovation, and education to position ASU and Greater Phoenix as global leaders of the knowledge economy.
SkySong is a 42-acre mixed use development designed to:

            • Create an ecology of collaboration and innovation among high-profile technology enterprises and related researchers;

            • Advance global business objectives of on-site enterprises;

            • Raise Arizona’s profile as a global center of innovation through co-location of ASU’s strategic global partners; and

            • Create a unique regional economic and social asset.

Companies located at SkySong enjoy a special relationship with Arizona State University, which has more than 73,000 students at four metropolitan Phoenix campuses. Its campus in Tempe is the single largest campus in the U.S., and is located less than three miles from SkySong.
In addition to locating its own innovative research units at the center, ASU provides tenants with direct access to relevant research, educational opportunities and cultural events on its campuses. Through ASU’s on-site operations, tenant companies have a single point of contact for introductions to researchers, faculty and programs to address their specific needs.

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