Camwoz
Nov 9, 2007, 2:44 AM
November 2, 2007
HIGH-END MULTI-FAMILY COMMUNITY PLANNED ALONG INDIAN SCHOOL ROAD IN SCOTTSDALE
Scottsdale – A company formed by The Hanover Co. in Houston, Tex. (J. Murry Bowden, CEO) is working to obtain zoning in Scottsdale to develop a luxury apartment community along the north side of Indian School Road and west of Goldwater Boulevard. The Hanover Co. is seeking approval to build 235 high-end rental housing units and about 28,000 sq. ft. of retail space. The project is estimated to cost $100+ million. Most of the roughly 6+ acre site is owned by a venture formed by TriYar Capital in Phoenix (Steven Yari, Shawn Yari, Bob Agahi, principals) and investors Fred Manocherian and Greg Manocherian of New York City. The deal with TriYar/Manocherian, which likely will exceed $35 million, is slated to close next March. The properties assembled by TriYar/Manocherian is comprised of the 92-room Ramada Scottsdale on Fifth Avenue hotel at 6935 E. 5th Avenue, a 5,000-square-foot restaurant building leased to Village Inn at 6940 E. Indian School Road, and a 35,054-square-foot office project called Fountain Square at 4110, 4120 and 4130 N. Goldwater Boulevard. A 6,500-square-foot office building at 6925 E. 5th Avenue is also part of the site being assembled by The Hanover Co. That structure is owned by investor Ron McRae of Scottsdale. The Hanover Co. is buying that property in a deal set to close in March. All of the structures would be razed to make room for the new development. BREW reported the TriYar venture paying $24.69 million to assemble its site in three acquisitions from March 2006 to January 2007. If successful in re-zoning the parcel, The Hanover Co. could begin construction late summer 2008. The project is expected to take two years to build. MetLife Inc. in New York City (NYSE:MET) is Hanover’s nationwide joint venture partner in its developments. Plans from Gromatsky Dupree Southwest in Phoenix show a layered building ranging from one to five floors. The controlled access community will have a below grade parking facility as well as surface level parking and an auto court to serve the grade level retail space. The one- and two-bedroom units are expected to range from 950 sq. ft. to 1,950 sq. ft. Monthly rental rates are projected to run from $1,800 to $6,500. Hanover R S Limited Partnership will serve as general contractor. Hanover will also manage the property. The planned Scottsdale community will be the second multi-family project in the Valley for Hanover Co. and MetLife. In September 2000, BREW reported the Hanover/MetLife partnership planning to develop a 298-unit complex in Glendale called The Lodge at Arrowhead Town Center. MetLife still owns that property, located at 7100 W. Grandview Road. Eric Kenney, managing partner for Hanover’s western division, says the company is selectively looking for additional multi-family sites across the Valley. Hanover is interested in prime locations suitable for 150 to 250 units in high-density projects in urban locations. Hanover is active in 20 markets across the country and has developed nearly 38,000 apartment units at a cost of more than $7.5 billion. Learn more from Kenney at (480) 505-3377. Talk to the Yaris and Agahi at (602) 748-8888.
HIGH-END MULTI-FAMILY COMMUNITY PLANNED ALONG INDIAN SCHOOL ROAD IN SCOTTSDALE
Scottsdale – A company formed by The Hanover Co. in Houston, Tex. (J. Murry Bowden, CEO) is working to obtain zoning in Scottsdale to develop a luxury apartment community along the north side of Indian School Road and west of Goldwater Boulevard. The Hanover Co. is seeking approval to build 235 high-end rental housing units and about 28,000 sq. ft. of retail space. The project is estimated to cost $100+ million. Most of the roughly 6+ acre site is owned by a venture formed by TriYar Capital in Phoenix (Steven Yari, Shawn Yari, Bob Agahi, principals) and investors Fred Manocherian and Greg Manocherian of New York City. The deal with TriYar/Manocherian, which likely will exceed $35 million, is slated to close next March. The properties assembled by TriYar/Manocherian is comprised of the 92-room Ramada Scottsdale on Fifth Avenue hotel at 6935 E. 5th Avenue, a 5,000-square-foot restaurant building leased to Village Inn at 6940 E. Indian School Road, and a 35,054-square-foot office project called Fountain Square at 4110, 4120 and 4130 N. Goldwater Boulevard. A 6,500-square-foot office building at 6925 E. 5th Avenue is also part of the site being assembled by The Hanover Co. That structure is owned by investor Ron McRae of Scottsdale. The Hanover Co. is buying that property in a deal set to close in March. All of the structures would be razed to make room for the new development. BREW reported the TriYar venture paying $24.69 million to assemble its site in three acquisitions from March 2006 to January 2007. If successful in re-zoning the parcel, The Hanover Co. could begin construction late summer 2008. The project is expected to take two years to build. MetLife Inc. in New York City (NYSE:MET) is Hanover’s nationwide joint venture partner in its developments. Plans from Gromatsky Dupree Southwest in Phoenix show a layered building ranging from one to five floors. The controlled access community will have a below grade parking facility as well as surface level parking and an auto court to serve the grade level retail space. The one- and two-bedroom units are expected to range from 950 sq. ft. to 1,950 sq. ft. Monthly rental rates are projected to run from $1,800 to $6,500. Hanover R S Limited Partnership will serve as general contractor. Hanover will also manage the property. The planned Scottsdale community will be the second multi-family project in the Valley for Hanover Co. and MetLife. In September 2000, BREW reported the Hanover/MetLife partnership planning to develop a 298-unit complex in Glendale called The Lodge at Arrowhead Town Center. MetLife still owns that property, located at 7100 W. Grandview Road. Eric Kenney, managing partner for Hanover’s western division, says the company is selectively looking for additional multi-family sites across the Valley. Hanover is interested in prime locations suitable for 150 to 250 units in high-density projects in urban locations. Hanover is active in 20 markets across the country and has developed nearly 38,000 apartment units at a cost of more than $7.5 billion. Learn more from Kenney at (480) 505-3377. Talk to the Yaris and Agahi at (602) 748-8888.