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Nov 5, 2020 5:21 PM |
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Originally Posted by cygnusloop99
(Post 9094779)
It’s behind a paywall. Would someone please post. TYIA!!! :cheers:
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Brothers Shawn and Steven Yari first got involved in investing in property on the southeast corner of Scottsdale and Camelback roads in the late 1990s.
“We realized it was an underutilized quadrant in a special corner,” Shawn Yari, managing principal of Los Angeles-based Stockdale Capital Partners, said.
Yari said they had the opportunity to buy two properties in the area, then sold them, and in the early 2000s bought them again. In 1996 they bought the shopping center on the northeast corner of the intersection along the canal and redeveloped it.
When they were building the W Hotel, they realized that side of the intersection had a lot of underutilized, older or empty buildings, he said.
“We slowly started acquiring 42 properties,” Yari said. “We created plans for a really nice, mixed-use project. In 2008, with the meltdown of the economy, we were sitting with 42 empty, older buildings.”
Around 2010, with the economy still suffering, the Yaris began leasing some of those buildings to prosperous bar, restaurant and entertainment companies, including Riot Hospitality Group, Majerle’s and other groups, which became successful in turning the area into a bar and nightlife district.
“Never was it our intention to build a bar district,” Yari said. “The goal was always a nice, mixed-use project with restaurants, services, dessert establishments and other uses. With the downturn, we were able to lease to some of the bars, and they became very, very successful.”
Bigger vision
Even despite the success of the bars, restaurants and nightclubs in their buildings, the Yaris still had a bigger vision for the area.
“We never lost the desire to really make a special area that was more than bars and entertainment venues,” he said. “We had the desire to continue the evolution and the maturation of what’s known as the bar and entertainment
district.”
Now, those goals are a step closer to coming to fruition. Stockdale submitted plans to the city in May to develop what they are calling the Scottsdale Collection, which will total 10.25 acres of land, though not all is to be redeveloped. In total, the plans call for the project to contain 580,451 square feet of commercial space and 512 units of residential. The site is adjacent to where Stockdale is already developing the Marquee office building at Scottsdale Road and Shoeman Lane.
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In total, the project will cost about $450 million to develop.
The plans for the project include demolishing the Dakota nightclub, which is operated by Stockdale, but no tenants will be removed from their locations, Yari said. Much of the redevelopment area plans include several new lifestyle hotels in addition to existing restaurants and clubs, including the Mint Night Club and Maya Day and Night Club.
“We wanted a project that opens its arms to the corner,” Yari said. “We designed the plaza on the hard corner, so service, food and dessert establishments. We moved the bigger buildings to the south and east, so the corner doesn’t feel so heavy and feels more inviting.”
Yari said the coronavirus pandemic has affected timelines for the project, especially for hospitality elements like hotels, which have been most heavily impacted by closures due to Covid-19. Lenders have been hesitant to fund hospitality development as a result of the pandemic. Stockdale has proceeded with funding some of the development out of pocket, and will move forward with those elements when the lending market frees up.
Forward progress for the development is “at the mercy of the Covid environment,” Yari said, but the earliest that the first phase could begin construction is summer of 2021.
The project has already received a recommendation of approval from the city’s development review board, and will go before the city’s planning commission on Oct. 28. Yari said the lack of historic value of the area has made the area ripe for redevelopment, and made the plan popular with neighbors.
“We’ve had the opportunity to do multiple community walks, and this truly was a forgotten quadrant of downtown Scottsdale,” he said. “Across the board everyone had the same vision, the area needed to be redeveloped.”
In addition to the Scottsdale Collection, Stockdale has several other projects in the works in the area, including the $150 million Edition Hotel, which is fully designed and ready for development when the market recovers, Yari said. The company is also preparing for a January or February start date for development of apartments along the canal.
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