Scottsdale is continuing to prove itself one of the hottest spots in the Valley for commercial development with a $140 million office project under construction.
Located just off Loop 101 and Bell Road, the high-end project, Terra Verde, is being developed by Desert Troon Cos.
Some 3.55 million square feet of office space was under construction across the Valley in the third quarter, according to a recent report by commercial brokerage CB Richard Ellis. Nearly half of that activity is happening in three areas: Scottsdale Airpark, Phoenix Sky Harbor International Airport and Glendale.
The Terra Verde project will have three office buildings, totaling 480,000 square feet. The first phase features a three-story building with 180,000 square feet of space, scheduled to be completed by summer 2009.
In the residential market, construction is under way on 34 single-family homes at the InterContinental Montelucia Resort & Spa in Paradise Valley.
A three-bedroom model home was recently unveiled at the resort site, located off Lincoln Drive near Camelback Mountain.
The homes will range in size from 3,800 to 4,700 square feet and cost from the $2 millions to more than $4 million.
At least 27 of the properties, which are being built by Rowland Luxury Homes, have already been sold.
Homeowners will have complete access to the 31,000-square-foot spa at Montelucia.
The resort, which is being developed by Crown Realty & Development, will also feature 293 hotel rooms, a restaurant and a wedding chapel. It’s slated to open in the spring.
New homes are also in store for east Mesa.
Mesa-based VIP Homes is building a 33-home subdivision called Whisper View at the northwest corner of Brown and Crismon roads.
The homes will be one- and two-story, ranging in size from roughly 2,400 to 4,900 square feet. Basements are available as an option with some floor plans.
Prices will start in the $480,000s and run up to the $550,000s.
VIP has another, nearly complete development of 60 homes about a quarter mile to the north of Whisper View.
The company started out as a custom homebuilder 30 years ago and began doing semi-custom homes a decade ago, sales executive Teresa Bean said.
“People can really make it one-of-a-kind as far as what they’re looking for,” Bean said.