PHOENIX-A local developer has purchased a seven-acre site in one of Scottsdale’s most exclusive master planned communities and plans to build a 64,000-sf office-condominium project there.

Caven Real Estate Investments purchased a parcel just west of the northwest corner of Hayden Road and Thompson Peak Parkway for $2.44 million. The company plans to begin construction by year-end on eight, freestanding buildings on the site. Two will be 10,600-sf, another two will be 8,000-sf, and the remaining four will be 6,700-sf. The project will have a Santa Fe theme design. Construction is expected to take seven months.

Individual buildings will be priced at $200 per sf, which includes a $35 per sq of tenant improvement allowance.

The land parcel was sold by Grayhawk Development Company Inc.