High Street Residential, the residential subsidiary of Trammell Crow Company, and its partner, Principal Real Estate Investors, have completed the construction of Gramercy Scottsdale, a luxury 160-unit multifamily development in the heart of Downtown Scottsdale, Arizona. The five-story Class A building sits on two acres of land just north of the Scottsdale Road and Camelback Road intersection. Resident move-ins began in May and the building is now 15% leased.
“We are thrilled to have been able to deliver this unique multifamily project to the community of Downtown Scottsdale, where there has been a lack of new supply when it comes to high-quality, luxury residential product. The demand for this type of housing is deep, evidenced by our strong initial leasing numbers, and we believe will continue to increase,” said Paul Tuchin, Principal of High Street Residential’s Phoenix office. “Gramercy Scottsdale benefits from tremendous walkability to all of the great dining and entertainment options in Downton Scottsdale and offers great access to the rest of the Phoenix metro area.”
Gramercy Scottsdale offers a mix of studios, one-, and two-bedroom units, in addition to three-bedroom penthouses. Apartments range in size from 600 to 1,650 square feet. Units are well-appointed with high-end finishes, gas stoves, stainless -steel appliance packages, quartz countertops, wine fridges, and bespoke features in upper-level and larger area floorplans.
“High Street Residential delivered an incredible project consistent with the original construction schedule and budget despite the challenges posed by the pandemic, with a promising start on the initial lease-up,” said Kevin Anderegg, Managing Director for Principal Real Estate Investors.
The building also features an impressive amenity collection that includes a chef’s kitchen and a private dining room; an indoor-outdoor fifth floor sky lounge; a top-of-the-line fitness center; a guest suite, a pool, spa and outdoor lounge areas with a fireplace; grilling stations; a water feature; and a covered terrace on the top floor with views of Camelback Mountain and the McDowell Mountains. Steps from Fashion Square Mall and Old Town Scottsdale, a new walkable paseo will lead residents to a variety of retail and dining options nearby.
The general contractor for the project was Wespac Construction and the architect of record is ESG Architects.