Archive for March 4th, 2008

AZ Republic – Scottsdale Mountain Home Sells for $4.6M

Published March 4, 2008 Blogroll , Paradise Valley , Real Estate Articles , Scottsdale Mountain Leave a Comment

A general contractor and an attorney and former bank president are among the buyers and sellers in this week’s priciest home sales.  

$4,600,000. Dennis L. Raschke, as trustee of the Dennis L. Raschke Marital Trust, paid cash for a 7,345-square-foot home on 5.5 acres that features a 1,000-bottle wine cave, five bedrooms, 6 1/2baths, study, theater downstairs with elevator to main level, exercise room, guest casita, two-sided negative edge pool plus spa. The home, originally built in 2006, is located on Scottsdale Mountain in Scottsdale. This is the second home Raschke has purchased on Scottsdale Mountain recently. In September, he paid $1.93 million for a 4,638-square-foot home nearby. The most recent home was sold by Chris and Susan Savittieri. Chris Savittieri is president of Savittieri Brothers Development Co. Inc. in Scottsdale, a single-family home general building contractor.

$4,248,000. HSH Holdings LLC, a Delaware limited liability company, paid cash for a new home on the north end of the Paradise Valley Country Club in Paradise Valley. The home was sold by Calvis Wayant Homes-6 LLC, an Arizona limited liability company managed by A. G. Calvis and Jonathan M. Wainwright.

$3,003,518. Montelucia Lot 15 LLC, an Arizona limited liability company in care of Eric and Lisa Heil of Scottsdale, paid cash for a new home south of Paradise Valley Country Club in Paradise Valley. The home was sold by Montelucia Villas LLC, a Delaware limited liability company based in Irvine, Calif.

$2,850,000. Lynn M. Hoghaug purchased a new home at the Firerock Country Club in Fountain Hills. Lynn Hoghaug is an attorney and former president of a Federal Reserve Bank in North Dakota. The home was sold by Michael Brown and his wife, Patricia Wilson.  

 $2,295,000. East Phoenix Investors No. 27 LLC, a Delaware limited liability company, paid cash for a 5,633-square-foot home with pool originally built in 2006 on the northeast side of Las Sendas Golf Course in Mesa. The home was sold by Joe and Kristin Stoddard.  

 $2,280,000.TR West LP, an Arizona limited partnership in care of Tom Tait, president and CEO of Tait Development in Phoenix, paid cash for a 3,162-square-foot home with pool originally built in 1956. The home was sold by John Bolten and Jennifer C. Snyder, co-personal representatives for the estate of the late Gisela B. Hogan.

$2,280,00.Mario Tejada purchased a 5,155-square-foot home with pool originally built in 1974 west of Paradise Valley Country Club in Paradise Valley. The home was sold by Mario A. Pino.  

www.theholmgroupaz.com   


AZ Republic – Deal near for downtown loft-style boutique hotel

Published March 4, 2008 Blogroll , Real Estate Articles Leave a Comment

Jahna Berry
The Arizona Republic
Mar. 4, 2008 10:48 AM

  A $20 million Starwood loft-style hotel may be coming to downtown Phoenix.

Copper Pointe 2 Development LLP is finalizing an agreement that could put a 107-room boutique hotel on a vacant city lot on the southeastern corner of Central Avenue and Adams Street.

The deal is scheduled to go before the City Council on March 19,said John Chan, downtown development director.
The proposed hotel would be part of Starwood’s aloft brand and would have a flag with that name, a concept similar to the chain’s W brand, Chan said.

The project’s ground-level shops could include a drugstore, an amenity missing from downtown since the late 1980s, Chan said.

“Over the past 10 years, we have looked at a number of development proposals,” he said. “A hotel is the highest and best use of the property given its proximity to light rail.”

The project is another sign of the soft downtown condominium market.

In 2006, the city wanted to put condos on the site. The city tapped a developer, but the project fell through because the developer couldn’t get financing, according to a city report.

In 2007, Copper Pointe 2 Development made a pitch for the boutique hotel.

The Copper Pointe deal hinges on a successful pact with Starwood Hotels & Resorts Worldwide Inc. Under the terms of the agreement, the developer will build the hotel and commit to a 20-year lease with the city. The deal includes an eight-year tax excise abatement worth $332,000. After the 20-year lease, the developer would own the hotel, city officials say.In exchange for hotel development rights, Copper Pointe will give Phoenix a 28,000-square-foot land parcel near Third Avenue and Fillmore Street, city documents show.

Copper Pointe 2 Development LLP is a partnership between Scottsdale-based Belleview Communities and Pointe of View, a Canadian developer, said Dave MacKenzie, vice president of development for Pointe of View.

MacKenzie would say little about the project because negotiations with Starwood are still underway.

Construction could begin as early as the end of the year, MacKenzie said.  www.theholmgroupaz.com   


AZ Republic – Luxury retirement project breaks ground

Published March 4, 2008 Blogroll , Real Estate Articles , Scottsdale Real Estate Leave a Comment

Astrid Galvan
The Arizona Republic
Mar. 4, 2008 12:18 PM  SCOTTSDALE – Once home to a Western theme park, 33 acres southeast of Pinnacle Peak and Scottsdale roads will soon be a luxury retirement community.

Classic Residence at Silverstone, a project by Hyatt and the Plaza Companies, broke ground Thursday, the first of several developments at the old Rawhide site, which is now called Silverstone.

The venture – part of the larger planned Silverstone community – will have 270 apartments and private villas when it debuts in 2010.  An additional 700 homes and a public library will be built on the 160-acre site that once was home to Rawhide.

John Little, a Scottsdale official representing Mayor Mary Manross,delivered a proclamation and declared Feb. 28 Classic Residence at Silverstone Day before a crowd of smiling sales people, developers and buyers.

“This is a great day for Arizona to have a signature project like Silverstone,” said Sharon Harper, chief executive officer of the Plaza Companies. “It’s what every community wants to have.”

Jacqueline Wolf, executive sales director for Classic Residence, said 73 percent of the 270 homes have been sold.

One of those buyers, Joan Tryhus of Scottsdale, became familiar with the property as a member of the advisory board for the nearby Classic Residence development at Grayhawk, 7501 E. Thompson Peak Parkway.

While she was not ready to live at the Grayhawk residence, Tryhus said she is excited about living at the Silverstone site.

“It’s perfect for people our age who don’t want the responsibility of taking care of a home full time,” she said.

Tryhus said the size, location and amenities of her future home attracted her to it.

The Mediterranean-inspired Classic Residence will include a culinary program, fully equipped fitness center, community activities and many other luxuries.

But heated pools and spas within Classic Residence don’t mean everything to Tryhus.

For her, the best amenity is that she’ll never have to live alone.

Residents of Classic Residence will be able to access a new library at Silverstone. The Appaloosa Library is scheduled to break ground in May.

Villa Volterra, a 17-acre subdivision by Gabriele Developments, is expected to start construction at the end of this year.

The development is expected to be complete by early 2010. The Old West fun park that it is replacing, Rawhide, relocated in 2006 from Scottsdale to Wild Horse Pass on the Gila River Reservation.

Developer Larry Gabriele Jr. said it will take about 3 or 4 years for full completion.

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