Peter Corbett
The Arizona Republic
Sept. 6, 2007 01:45 PM SCOTTSDALE – Toll Brothers is putting the brakes on its Regency townhouse project downtown, citing a market downturn that has slowed sales.
Work continues on the Mark, a six-story condominium project that Toll Brothers is building southeast of Indian School Road and 68th Street, said Jonathan Stringer, a senior project manager for the builder.
Both the townhouses and condos, originally called the Residences on Main, were part of Toll Brothers’ entry into the urban housing market in Arizona.
The 62-unit townhouse project is on hold indefinitely, Stringer said.
“We will wait until the market comes around,” he said. “We have a great piece of land. Why sell yourself short?”
Toll Brothers broke ground on the Mark two years ago just as a first wave of luxury condo development washed over downtown Scottsdale. Speculators and investors have retreated from that high-tide era and buyers are scarce.One-third of condos now sold The Mark has sold about a third of its 85 condos, Stringer said.
Prices start at $496,975 for 1,257 square feet or about $395 per square foot. Two top-floor condos are priced at $2 million for 4,200 square feet or $476 per square foot.
Toll Brothers is offering a variety of incentives, primarily on financing, Stringer said.
Model units should be open in early January and the first residents of the Mark could be in by May, he said.
Toll Brothers will have 10 commercial spaces on the ground floor.
Sales should pick up once the building is done, when buyers can see the condos and the quality of the interior finishes, Stringer said.Business suites open above Taco Scottsdale Waterfront has a new tenant, ExecQsuites, above the Pink Taco restaurant.
Actually, there are a handful of new tenants within ExecQsuites, which has 35 offices in its 10,000 square feet of space. Nearly half of that space is shared among the individual office tenants who have access to ExecQsuites’ concierge, business center, meeting rooms, a lounge and café.
The furnished office suites average about 180 square feet and can be rented for $1,900 to $3,200 per month with no required contract for six months or longer.
ExecQsuites owner John Quaid is trying to improve upon the executive-suites model in which individual business professionals share office space, a receptionist, office manager and phone systems.
Quaid, who hopes to add other locations, said he wanted to offer high-end office suites at a prime location and with an all-inclusive price.
“Executive suites’ tenants get tired of being nickel-and-dimed to death,” he said.
ExecQsuites, 7135 E. Camelback Road, Suite 230, had a soft opening in July and is still completing the shared space.‘Website Garden’ blooms brands Among the first tenants is Rebecca Golden, owner of Website Garden LLC, which does Web site and brand development for small businesses.
She had worked at home for her first year of running Website Garden but wanted an impressive office space to further develop her business.
“It is on the higher end,” Golden said of ExecQsuites. “But then you get higher-end clients. It equals out.”
The Scottsdale Waterfront, southwest of Camelback and Scottsdale roads, is a “great location with lots of energy going on,” Golden said.
Another plus is being around other small business owners and entrepreneurs, she added.
ExecQsuites also offers a virtual-office package for $499 per month that includes mail and telephone service, access to the shared space and use of an office or meeting rooms for 10 hours per month.
