Dallas developer to turn vacant retail center into $110M apartment project

Dallas developer to turn vacant retail center into $110M apartment project

Article Originally Posted By PhoenixBusinessJournal On April 6, 2022

Dallas-based Stillwater Capital Investments is making its Phoenix debut with plans to demolish a vacant retail structure in Mesa to pave the way for a $110 million apartment community.

The 373-unit project will take the place of retail space at 1445 S. Power Road and 1455 S. Clearview Ave., which is next to the Superstition Springs shopping area at Power Road and US-60.

The developer paid $11.1 million to Lamar Cos. and Utah-based GFI-Mesa Investments Ltd. for that property and the surrounding 16 acres. David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group (NYSE: CWK) in Phoenix represented the buyer in the sale.

The first units are scheduled to be delivered in early 2024, with final completion later that year, said Thomas Hoy, partner at Stillwater.

Scottsdale-based MT Builders Cos. has been named general contractor for the project.

Texas Capital Bank will provide the construction financing, while Stillwater works with architect Omniplan, Brennan Ray of Burch & Crach for rezoning/legal, Ali Fakih with SEG for civil engineering, and Andy Baron with ABLA for landscaping of its new project.

Amenities will include a fitness center, centralized courtyard with resort-style pool, hospitality and entertainment area with TVs and private poolside cabanas, as well as a resident lounge with a micro market, Hoy said. A 24,000-square-foot off-leash dog park also will be included.  

Units will have class A features including stainless steel appliances, quartz countertops, urban mudrooms, smart locks, walk-in showers and soaking tubs, designer lighting, faux wood floors and modern finishes.