After a bit of a hiatius following the Great Recession, DMB Associates Inc. is closing deals quickly on a 75-acre mixed-use project in north Scottsdale.
It's been a long time coming for the project, called One Scottsdale, just north of Loop 101 on Scottsdale Road.
The Scottsdale-based developer has owned the land in partnership with the Marley-Corrigan Family since 2002, and had invested upward of $30 million in infrastructure before the Great Recession, said Michael Burke, senior vice president of commercial development for DMB.
"Then the market tanked," he said.
Now DMB has been selling parcels of land to various developers and is investing another $12 million of infrastructure for future projects on the site, he said.
The growth in that area makes it a good time to move forward on the project now, Burke said, pointing to Mayo Clinic's $748 million expansion and purchase of state land to create a biocorridor and Arizona State University's growing presence there.
Plus, he said, Nationwide Realty Investors has been revving up its tenant leasing activity at its $1 billion Cavasson development at the northwest corner of Loop 101 and Hayden Road.
Developers lining up for north Scottsdale projects
What's more, Phoenix-based Banner Health also is eyeing a 50-acre parcel of land directly across the street from Cavasson, while Scottsdale-based Optima Inc. is planning a $1 billion luxury residential community at the southeast corner of Scottsdale Road and Loop 101.
And just east of that parcel, Scottsdale-based De Rito Partners Development Inc. was the winning bidder in a state land auction of an 85.6-acre site at the southwest corner of Loop 101 and Hayden Road, paying $61.85 million.
"People want to be in this part of Scottsdale," he said.
Starting out with 120 acres, DMB had previously sold parcels to various developers at the site, including an office parcel to Dial Corp. for its headquarters in 2006 and to Dallas-based TDI Real Estate Holdings LLC to build two luxury apartment communities in 2012.
Now there's about 75 acres left to develop, Burke said.