High Street, Mitsui Fudosan to Build Scottsdale Apartments

High Street Residential and Mitsui Fudosan America have broken ground on a $100 million, 215-unit luxury apartment complex in Scottsdale.

The apartment development arm of Dallas-based Trammell Crow and the unit of Japan-based Mitsui Fudosan are building the three-story complex at 10050 North Scottsdale Road, AZCentral.com reported.

The 4.2-acre project will replace a vacant strip mall near the southwest corner of Gold Dust Avenue and Scottsdale Road, between Old Town and North Scottsdale.

Plans call for a Spanish-style building with 215 one- and two-bedroom apartments with high-end interior finishes, including custom cabinets, quartz counters, upgraded tile and floors, wine refrigerators and premium appliances.

The project, designed by ESG Architects, will have outdoor courtyards, a fitness center and yoga studio, a sauna, dog park and a pool. It will also contain a work-from-home area with private offices. A parking lot will serve 380 cars.

The unnamed complex is expected to be completed in summer 2027.

High Street Residential bought the shopping center in September 2023 for $15 million. The Scottsdale City Council approved the project in 2022.

The surrounding area is mostly non-residential, so the apartments could buttress the economic viability of the area, according to AZCentral, the digital news arm of the Arizona Republic, KPNX-TV Channel 12, La Voz and 12 News, the Phoenix NBC affiliate.

The project is a half mile from a three-story, 196-unit apartment complex High Street was approved to build last month at 7000 East Shea Boulevard. It will replace a parking lot and a 38,000-square-foot commercial building at an 8.6-acre shopping center.

High Street Residential has built $4 billion in apartment developments within the past 15 years, with more than 6,500 units in the pipeline, according to its website. Parent company Trammell Crow is a unit of CBRE Group, based in Dallas.

New York-based Mitsui Fudosan America, founded in 1973, invests in quality office and residential properties, with core markets in New York, San Francisco, Seattle, Los Angeles, Boston and Washington, D.C., according to its website.

— Dana Bartholomew