More Big News For North Scottsdale
The news just keeps coming in for the fast-growing Scottsdale Road & Loop 101 Corridor. A prime 20-acre parcel in Scottsdale has changed hands in a $38.5 million all-cash transaction. Located at the northwest corner of Legacy Boulevard and Miller Road, this sought-after site will soon be transformed into a large-scale multifamily development by The Dinerstein Cos., a developer from California. We get into the details below.
Approved Plans For The Parcel
After winning the land at an Arizona State Land Department auction in 2023 for $28.07 million, Legacy 76 LLC facilitated zoning and approvals for the project before selling it. Scottsdale has already signed off on the construction of the proposed development, which will feature:
- 335 modern apartment units
- 108 townhomes with family-friendly layouts
- A location near Loop 101 and Scottsdale Road
Construction is expected to begin by the end of 2024.
Strategic Moves By Legacy 76 LLC
Legacy 76 LLC played a key role in acquiring, preparing, and selling this valuable land. The group purchased it through an auction and prepared the property for future development before transferring ownership to The Dinerstein Cos. Their focus on state land transactions has allowed them to capitalize on high-growth areas in Greater Phoenix.
The recently sold 20-acre parcel near the intersection of Legacy Boulevard and Miller Road sits at the heart of one of North Scottsdale’s most dynamic growth areas. With billions of dollars being invested into surrounding developments, this property is perfectly positioned to benefit from the surge of activity redefining the Scottsdale Road & Loop 101 Corridor.
Also Read: The Scottsdale Road & Loop 101 Corridor Boom
This Parcel Is Surrounded By Opportunity
Major developments around this site are transforming the area into a hub of luxury, innovation, and corporate expansion. Here are some of the most significant projects nearby:
- One Scottsdale Master Plan: Just west of the parcel, this upscale mixed-use development offers retail, office, and luxury residential opportunities, drawing attention from both businesses and residents.
- Cavasson: East of the site, this Nationwide Realty Investors Cavasson community combines office spaces, a luxury hotel, and Toll at Cavasson townhomes with private garages and yards.
- Optima McDowell Mountain Village: Located just south, this high-end project features 1,300 apartments and condos, complete with green spaces and rooftop amenities.
- ASM Headquarters: Also south of the site, the U.S. ASM headquarters for this Netherlands-based tech company is set to create jobs and boost the area’s business appeal.
- Axon Campus: This Silicon Valley-inspired development brings a mix of workspace and lifestyle amenities, attracting top talent and further enhancing the corridor’s prestige.
- Erickson Senior Living: This $791 million Erickson Senior Living facility will provide luxury senior housing and medical services, catering to a growing demographic.
- JLB Partners North Phoenix: A major mixed-use project on Mayo Boulevard and 64th Street along Loop 101, highlighting the corridor’s expansion potential.
- Portico & Atavia Condos: High-end condominiums at Atavia and Portico located nearby are attracting professionals and families seeking upscale living options.
Why This Matters
This parcel, nestled within a booming corridor of real estate activity, stands to gain tremendous value from its proximity to these influential projects. The mix of luxury housing, corporate campuses, and lifestyle hubs ensures a steady influx of residents, professionals, and visitors.
As Scottsdale’s northern corridor continues to evolve, this site is poised to become a central part of one of the region’s most transformative growth stories.
More State Land Successes
This isn’t the first high-profile project led by Michael Lieb of Legacy 76 LLC. He has spearheaded several large-scale deals across the region, including:
- 44 Acres At Mayo Boulevard & 64th Street Alignment: Purchased for $20.9 million, with plans for 240 homes in partnership with K. Hovnanian Homes.
- Northeast Mayo Development: Brokered the sale of 50 acres for a mixed-use project by JLB Partners.
- Camden Property Trust Project: Facilitated the purchase of land for over 1,150 apartments in 2015.
- D.R. Horton Inc. Land Acquisition: Supported the acquisition of a parcel now slated for 250 homes.
These projects underscore the increasing demand for residential and mixed-use developments in Scottsdale and the surrounding areas.
The Growing Appeal Of Scottsdale
North Scottsdale remains a hotbed for real estate activity due to its strategic location and strong population growth. This latest deal reflects the trend of developers seeking well-positioned land for multifamily housing. With plans in place and construction around the corner, The Dinerstein Cos. project is set to contribute to the region’s expanding housing supply and meet the rising demand for diverse living options.