TEMPE, AZ-Trammell Crow Residential is gearing up to start work in February on the 170-unit Sotelo condominiums. The three-phase project is estimated to take 24 to 30 months to complete although it's predicated on market demand.
Located on 6.75 acres at 1221 N. College Ave., the condos come with price tags beginning in the high $200,000 range. Tustin, CA-based Fremont Investment & Loan provided $38.9 million of construction financing. The Soleto's all-in cost isn't available, but similar projects in Tempe are running north of $40 million.
"We haven't offered these units yet for sale, but we've had a quite a few people who are pre-qualified with a preferred lender. There's been a lot of interest out there," says Bruce Hart, senior managing director in Trammell Crow Residential's Phoenix office. He tells GlobeSt.com that conditional sales contracts will begin to be written as early as late January.
Hart says the company liked the land enough to buy it from Scottsdale Property Management in early January for two reasons, one of which is the proximity to Mill Avenue and Downtown Tempe's nightlife. "This is going to be directly across the street from the 1,200-acre Papago Park. It's all open desert with walking trails and golf courses so you have the best of both worlds," he adds.
Sotelo also is one of the first condo developments for Tempe Town Lake's northern banks. To date, the bulk of the condo projects have been on the lake's south side and along Mill Avenue. The condos will be one and two floor plans, ranging from 850 sf to 1,200 sf.
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