Scottsdale-based Optima Inc. plans to break ground next year on its $1 billion luxury community in Scottsdale, now that it has received the city's approval for its sustainable mixed-use community.
Optima paid $44.28 million to North Scottsdale CAD LLC, an entity tracing to John R. Lund for the parcel, according to Tempe-based Vizzda LLC real estate database.
Originally announced in March, plans call for breaking ground this spring or summer on the 21.88-acre parcel at the southeast corner of Scottsdale Road and Loop 101. The community will include 1,330 luxury condominiums and apartments and 36,000 square feet of commercial and retail space.
"Our estimated first occupancy is early 2025," said David Hovey Jr., Optima's president and COO.
The project will be delivered over three phases, much like Optima Kierland in north Scottsdale, Hovey said. He said it's too early to determine rental rates for the apartments and home sale prices for the condominiums.
The apartments will range from about 650 square feet to roughly 2,400 square feet and be a mix of studio, one-bedroom, two-bedroom and three-bedroom units, depending on market conditions, he said.