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January 5, 2008 - 12:53AM
New condo project to rise near Valley Ho
Misty Williams, Tribune
A new condominium project is joining the ranks of residential developments in the works south of Scottsdale Fashion Square.
AJK Management recently broke ground on a three-building, 12-loft complex on 68th Street just south of Indian School Road. Called Stone Lofts 12, the project is near the recently renovated Hotel Valley Ho.
Read Misty Williams' Blog, 'From the Ground Up'
Stone Lofts is one of the smaller condo projects in the works in that area, said Josh Barton, a managing member of AJK.
“It’s more of a neighborhood feel,” Barton said.
The condos will range in size from roughly 650 to 2,400 square feet with prices running from $245,000 to $800,000.
Each unit will have a one-car garage. Owners will have access to some of the Hotel Valley Ho facilities, Barton said.
Three reservations for condos have already been made, he said. And the first units should be completed in about nine months.
Lemon Street
A local group of investors has purchased four apartment properties, totaling more than 260 units, just east of Arizona State University in Tempe.
The Colgate Group shelled out $21.4 million for the four Lemon Street complexes and is working on upgrading landscaping.
The properties sit near the light-rail line and were highly sought after, said John Kobierowski, associate partner at brokerage Hendricks & Partners.
“It’s irreplaceable real estate,” he said.
Colgate may redevelop the land down the road as the area develops, Kobierowski said. The neighborhood has a lot of potential uses, including retail, office, student housing and condos, he said.
The properties include University Pointe at 919 E. Lemon St., University Place at 910 E. Lemon St., University Square at 1011 E. Lemon St. and University Gardens at 1019 E. Lemon St.
Chandler Center
Another business park is in the works in Chandler.
The planned development will have 11 buildings and sit on 12 acres east of the northeast corner of Chandler and Gila Springs boulevards.
Called Chandler Center Commons, the park will include 32 units of office and light industrial space totaling 144,164 square feet.
Triple S
In Mesa, construction has been completed on an 11,000-square-foot office and retail building on the southeast corner of Ellsworth and Guadalupe roads.
The building, called Triple S, has eight spaces ranging in size from 1,000 to 3,000 square feet. Four spaces are still available.
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