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SCOTTSDALE, AZ-International Capital Partners Inc. is in the permitting process for the first phase of the $500-million District on Camelback. As soon as approvals are in hand, the local developer plans to immediately begin converting 278 empty apartments into a 260-condo project, dubbed Orchid on Camelback.

ICP’s 20-acre project will include the retooling of the Orchid Tree Apartments at 6801 E. Camelback Rd. and a massive redevelopment at 68th Street and Camelback Road. The District on Camelback is mapped out as a financial and business center with more than two million sf of office, retail and residential space.

James Petersen, ICP’s marketing director, says the commercial space will include a boutique hotel and an arts component. “There are several components to this,” he says. In addition, he points out that some buildings are vacant and some have tenants along the 20-acre commercial swath.

ICP is in the process of negotiating a 10-year-lease with a New York City restaurateur for 6828 E. Camelback Rd. That same company signed a letter of intent to convert a residential penthouse at the top of 6909 Camelback Rd. into a first-class restaurant. “That penthouse is zoned residential and the highest building in Scottsdale so this will be the highest restaurant in Scottsdale,” Petersen says.

ICP also is in discussion with several development partners and institutional investors to lend a hand with the project. “We’re coming close to announcing deals with some partners,” Petersen tells GlobeSt.com. “There are a number of developers interested in this $500-million master plan.”

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