Cassidy Turley, a leading commercial real estate services provider in the U.S., announced the sale of a ±0.72 acres/±31,427-square-foot development site at 4422 N. 75th Street in Scottsdale. Deco Acquisitions, LLC (dba, Deco Communities) purchased the property for $4,050,000 ($128.87 per square foot) from Hewson 75th St., LLC. Cassidy Turley Executive Managing Directors David Fogler and Steven Nicoluzakis and Managing Director Don Arones negotiated the transaction on behalf of the seller.
“Downtown Scottsdale continues to attract residents that are looking for a living environment that offers convenience and walkability to their jobs, to entertainment venues and to some of the Valley’s best amenities,” said Mr. Nicoluzakis. “This development site was perfectly situated to meet all of those demands, and was zoned to allow for the new owners to come in and build luxury residential units.”
Scottsdale-based Deco Communities announced plans for Envy, a 90-unit, 8-story luxury condominium tower on the property. They will be developing the project in conjunction with Minneapolis-based Castlelake and California-based Isles Ranch Partners.