Developer eyes south Gilbert project

A Valley developer is betting a new hospital and ongoing development in Gilbert will bring demand for a high-density project — with more than 300 houses and condominiums — to the community.

Misty Williams on Real Estate Blog

Scottsdale-based The Aspen Group is planning a nearly 60-acre development that will be a mix of shops and homes at the southwest corner of Germann Road and Val Vista Drive.

The project, called Roosevelt Square, will include a more than 70,000-square-foot commercial center designed for neighborhood uses like a coffee shop or bank, project manager Steffani Meyers said.

The 311 high-density homes will be well-suited for young professionals, such as those working at nearby Mercy Gilbert Medical Center or other new offices nearby, Meyers said.

“There will be an employment base, and people are looking to work and live closer together,” she said.

The Aspen Group is still in the process of getting city approval for the project, but hopes to break ground on the retail portion by the end of the year or early 2009, Meyers said. Timing for the residential portion will depend on agreements reached with any homebuilders, she said.

The firm has 20 to 30 residential and commercial projects throughout the state, including in Tucson and Flagstaff.

“Aspen has everything diversified, and the diversity in the various types of projects helps get through a market like this,” she said.

CityNorth

The sales center for the massive CityNorth development, which will mix shops, offices and condominiums near the Phoenix-Scottsdale border, is now open.

Located near 56th Street and Loop 101, CityNorth will include restaurants, shops, high-end offices, 200 to 400 hotel rooms and 1,200 to 1,500 residential units.

Construction is already under way on the project’s first phase, which will have 44 stores, six restaurants, 320,000 square feet of office space and 99 condos.

The condos will range in size from 750 to 1,850 square feet with one, two and three bedrooms. Prices will range from $455,000 to nearly $1.2 million. Residents are expected to begin moving in later this year. The sales center is at the northeast corner of 56th Street and Deer Valley Drive.

Chaffey Homes

The Kirkland, Wash.-based homebuilder recently broke ground in Carefree on its first Arizona project.

Called Tranquil Trail Estates, the development will sit at the intersection of Tranquil Trail and Happy Hollow Drive. It will include seven luxury homes, ranging in size from 3,500 to 4,200 square feet.