Steven and Shawn Yari have major plans for redevelopment in Old Town Scottsdale.
The top executives with California developer Stockdale Capital Partners have submitted plans to the city for the Scottsdale Collective project, which aims to “evolve and mature the greater entertainment district-area into a mixed-use district,” according to plans submitted to the city.
Those plans include redeveloping several parcels in the vicinity of the southeast corner of Scottsdale and Camelback roads into a variety of uses, including adding hotels, office and residential space, as well as retail and public art. George Melara and Jeff Brand of Nelsen Partners and Jason Ploszaj and Joe Ellis of RSP Architects have signed on as architects on the project.
The Yaris have been amassing property in the area for years, buying more than 10 acres of land across from Scottsdale Fashion Square, according documents submitted to the city and Maricopa County real estate records.
The Scottsdale Collective will total 10.25 acres of land, though not all is to be redeveloped. In total the plans call for the project to contain 580,451 square feet of commercial space and 512 units of residential. The site is adjacent to where Stockdale is already developing the Marquee office building at Scottsdale Road and Shoeman Lane.
Plans call for redeveloping what the application calls the “City Center” parcel, which is at the intersection of Scottsdale and Camelback roads. The intention is to demolish the existing buildings on the site to be redeveloped into a 160,600-square-foot hotel tower, a 116,500-square-foot residential tower and 41,000 square feet of retail space.
“The redevelopment of the City Center parcel focuses on creating a new gateway destination for Old Town,” the application submitted to the city said. The Yaris have owned the City Center site since buying it in 2015 for $22.6 million, according to real estate database Vizzda.
The next major redevelopment plan on the site is the Mint Night Club, east of Saddlebag Trail, which plans call to be redeveloped into a hotel with 116 rooms, an attached parking garage and ground floor retail uses. The project would total 97,300 square feet.
Documents show the Yaris also plan to connect the popular Maya Day and Night Club to a future hotel. Plans call for demolishing the Dakota nightclub to make room for the new hotel, which would include 165 rooms and a 5,500-square-foot restaurant space, along with the existing 22,600-square-foot club.
The plans also include several future developments, mostly along Saddlebag Trail south of the Mint, that will add 105,700 square feet of commercial use and 366 residential units. Plans do not include changes to the W Hotel, which is also owned by the Yaris and is in the middle of several of the parcels that will be redeveloped.
“The architectural character of the Scottsdale Collective is a balance of both local and timeless iconic expression,” the applicants wrote in the submittal to the city. “This project serves as the gateway into the Old Town Scottsdale district and should present itself as a defining structure worthy of its location.”
According to the submitted documents, the development will have a focus on public art, including permanent and temporary installations. The developer said a partnership will be sought with artists from Arizona State University to create some of the art pieces. The development will create an “eclectic quarter” for pedestrians that would include shade structures, seating and enhanced landscaping with public art around some of the new buildings, the retail portion of the Mint and the entirety of the Maya, near Indian Plaza and Saddlebag Trail.
Stockdale Capital Partners announced earlier this month it had closed on a $550 million funding round and planned to acquire buildings in the Phoenix and Scottsdale area. One of the buildings already purchased from the fund was the Henkel building, which has been renamed Ilume and is being reused as creative office space. The firm also owns the Galleria, which is adjacent to the Marquee construction site and the Scottsdale Collective proposed site. That former retail development has been adaptively reused as office space.
The submission comes just weeks after Scottsdale City Council repealed a previous decision to approve another nearby proposed mixed-use development, called SouthBridge 2. That development had been previously approved but drew heavy criticism from a group of residents and some councilmembers. The withdrawal of the prior approval was requested by the developer.
Source: Phoenix Business Journal