Scottsdale’s reputation as a luxury market for residential developers has reached Madrid, home of the firm that has teamed with local player Plaza Companies on a $50 million condominium project.
The Spanish firm is Adlanto, which has developed 3,500 residential units across the globe. It’s teaming up with Peoria-based Plaza on a 40-unit condominium project with a retail component at Goldwater Boulevard and 70th Street in Old Town Scottsdale. All of the units will provide views of Camelback Mountain, Four Peaks and the Papago Buttes, the Phoenix Business Journal reported.
The project counts Adlanto’s North America unit as the developer of record and Plaza Companies on design and construction management. It is Adlanto’s first foray in the U.S., and the two companies hit upon their joint venture through mutual colleagues, Plaza Chair and CEO Sharon Harper told the Business Journal.
The Goldwater Residences mark the latest in a spate of condo developments in the Phoenix metro market, where more than 250 projects are now in the works, according to San Francisco-based market tracker Polaris Pacific. Upscale Scottsdale accounted for about 500 condo units added to the region’s pipeline this year, the firm found.
Plaza is familiar with prominent projects with past work on SkySong, the ASU Scottsdale Innovation Center and Park Central.
Oriana Lehman Wood of Russ Lyon Sotheby’s International Realty has signed on as the broker for the Goldwater Residences, which has 25 percent of its units already reserved, according to the developers.