(Read more on the multifamily market.)
PHOENIX-In the wake of its winning bid of $149.5million for 269 acres from the Arizona State LandDepartment, a local company is pursuing entitlements fordevelopment. Going by the temporary name of Oasis at Desert Ridge,the project will contain 2,800 condominium and apartment units, 900single-family homes and a 20,000-sf to 30,000-sf neighborhoodshopping center.
The project borders the high-end Desert Ridge Marketplace andfronts Loop 101 between 40th Street and Tatum Boulevard. The retaildevelopment is planned for three acres at the intersection of DeerValley Road and 40th Street. Construction costs have not yet beenestimated.
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