SCOTTSDALE, ARIZ. — Chicago-based Optima has purchased a 22-acre development site on the southeast corner of Scottsdale Road and Loop 101 Freeway in Scottsdale for the development of Optima McDowell Mountain Village, a $1 billion residential project that recently received city approval. John Lund sold the land parcel for $44.7 million.

The community will consist of six eight-story buildings totaling 1,330 residential units, as well as 36,000 square feet of commercial space. Four of the buildings will be rental apartments and two buildings will offer for-sale condominiums. The unit mix will include studios, one-, two- and three-bedroom layouts ranging from 775 square feet to 2,025 square feet.

Each of the six buildings will offer a rooftop deck with a 50-meter, Olympic-length swimming pool, sauna, spa, cold plunge, running track, outdoor fireplaces, lounge seating, and outdoor kitchens with barbecues and dining spaces. Additionally, each building will feature lobbies, a fitness center, yoga studio, sauna, steam room, residents’ club with game room and theater, an indoor basketball and pickleball court, an outdoor pickleball arena, a golf simulator, an outdoor putting/chipping area, indoor and outdoor kids’ play spaces, a massage room, a dog park and pet spa, business center, and conference room.

Parking at Optima McDowell Mountain Village will be 100 percent underground and a new roundabout will be constructed on Mayo Boulevard to help control traffic. Architects David C. Hovey and David Hovey Jr. designed the project.

Don Arones of Cushman & Wakefield’s Phoenix office represented the buyer, while Marty De Rito of De Rito Partners represented the seller in the deal.

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Colliers in Arizona has released the annual Greater Scottsdale Airpark 2030 Report, indicating healthy conditions within the growing submarket.

According to the report, demand for commercial space in the area is exceeding supply and development of new space is being handled at a healthy pace.

“Many are speculating a future recession, but we are not overly concerned about that for the Scottsdale Airpark,” said Jim Keeley, SIOR, CCIM and founding partner of the Colliers Scottsdale office.

“When the last recession hit in 2008, this submarket was dramatically overbuilt. Since 2018, the Scottsdale Airpark market has been in a state of equilibrium with supply and demand in balance,” Keeley added.

“Current conditions indicate remarkable economic health in the area with demand outpacing the supply of space in most every product type.”

The Scottsdale Airpark 2030 Report is created each year by Colliers in Arizona to educate the market about conditions in the submarket.

At the end of 2022, the Airpark boasted approximately 3,326 resident companies with 64,130 employees. The submarket contains an inventory of approximately 47.3 million square feet of buildings.

Property technology companies are a growing category of tenants. These firms are helping individual companies research, buy, sell and manage real estate as occupancy changed post-COVID-19.

These firms are designing space to embody more of a “community hub” that encourages employee collaboration with various engaging areas within the suite.

The Scottsdale Airpark area has experienced an increase in housing units, as developers look to provide residences to the growing workforce in the area.

Kierland’s Ladlow’s Fine Furniture Store location is planned to become high-end apartments. The 330-unit ALTA Raintree Apartments opened in 2022 and the 192-unit TC Raintree project is under construction.

Other key changes in the Scottsdale Airpark submarket include the sale of CrackerJax (now named The Parque). Tech billionaire George Kurtz purchased the property in April 2022 and plans to build a legacy project on the site.

Additionally, DraftKings Sportsbook broke ground in 2022 at the southeast corner of Greenway Hayden Loop and Bell Road, across from the clubhouse of TPC Scottsdale. This 12,000-square-foot facility will offer premier gaming.

The area experienced the completion of historic factors in the Scottsdale Airpark during 2022. The Herberger family, who began purchasing land in the area in the late 1950s, sold CrackerJax in 2022, which ended their era of land development in the submarket.

Judd Herberger’s death in 2021, following the city’s loss of his other family members involved in the market, signaled an end of the Herbergers’ contributions to commercial real estate growth.

They will forever be remembered as dedicated, philanthropic heroes of our community, Keeley said.

Last year also completed Doug Ducey’s time as Arizona’s governor.

Under his leadership, the Arizona State Land Department (ASLD) began selling “fee simple” land in and around Scottsdale Airpark.

This brought development opportunities that were difficult to obtain. This new policy led to such developments as Cavasson and the Nationwide project.

In November 2022, the northeast corner of Hayden and Loop 101 was auctioned, with HonorHeath prevailing. The southeast corner of that intersection was purchased by Axon more than a year ago and will be the site of its new corporate headquarters.

The southwest corner was purchased in April 2022 by VanTuyl/DeRito Group for future development. Additionally, Mack Companies bought 124 acres at the northeast corner of Loop 101 and Bell Road for $125 million in March 2022.

The Scottsdale Airpark will continue experiencing dynamic changes as it moves forward. Projects planned include $29 million in renovations to the Kierland Office Park; and the $1 billion Optima McDowell Mountain Village at Loop 101 and Scottsdale Road. Its six buildings will include luxury residences, retail and commercial space.

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Optima, an internationally acclaimed architecture and real estate development firm, announced today the launch of sales for the first luxury condominium tower at Optima McDowell Mountain—a $1 billion, design-forward community in North Scottsdale that has already secured close to $27 million in early reservations ahead of its public release.

Optima McDowell Mountain represents the latest evolution of architectural design, sustainability initiatives and a lifestyle-forward amenity experience. The debut condominium tower, 7230, will feature 196 thoughtfully designed residences ranging from 728 to 2,204 square feet, with one-, two- and three-bedroom floorplans, showcasing signature elements such as floor-to-ceiling glass, lushly landscaped private terraces, designer kitchens and integrated smart-home technology. Prices are estimated to start in the $600,000s for one-bedrooms, the $900,000s for two-bedrooms and the $1.4 million range for three-bedrooms.

Buyers can also customize their homes, with options to combine units and personalize layouts and finishes. Already, more than 60% of early reservations are for custom combination homes, where individuals purchase two to three units to create expansive, bespoke residences, underscoring the appetite for highly tailored living at Optima McDowell Mountain.

Located on a 22-acre site at the southeast corner of Scottsdale Road and Loop 101, Optima McDowell Mountain will include six eight-story towers, home to a mix of condominiums, apartments and 36,000 square feet of retail and restaurant space. The development is designed to live in harmony with its surroundings.

“This is a significant milestone for Optima,” said David Hovey Jr., AIA, president of Optima. “It’s the first time in four years we’ve introduced for-sale residences in Arizona, and we’re bringing everything we’ve learned over the past four decades into this new community. Optima McDowell Mountain reflects our ongoing commitment to thoughtful design and quality living, and it represents the next chapter in our legacy.”

Setting a new benchmark for luxury living, each residential building will be anchored by approximately 1.5 acres of resort-caliber amenities. At the rooftop level of 7230, a dramatic Sky Deck unfolds with panoramic McDowell Mountain views, an Olympic-length heated lap pool, a perimeter running track, outdoor spa, cold plunge, sauna, firepits, lounge areas, outdoor kitchens, indoor and outdoor yoga studios and entertainment zones with TVs, shaded arbors and lush foliage. Ground-level amenities will include a state-of-the-art fitness center with indoor and outdoor training areas; Pilates studio, group fitness space and locker rooms; sauna, massage room and spa lounge; indoor pickleball/basketball court; two outdoor pickleball courts and bocce court; indoor golf simulator, sports lounge and outdoor chipping and putting area; business center with conference and huddle rooms; movie theater and a chef’s kitchen-equipped party room; indoor and outdoor children’s play areas; pet park and pet spa; and outdoor lounge with a spa and cold plunge.

With approximately 16 acres dedicated to open space, representing nearly 75% of the property, Optima McDowell Mountain is designed to feel like an oasis—vibrant, walkable and deeply connected to the natural landscape. A 10-acre central park serves as the heart of the community, surrounded by pedestrian paths and biking trails that link to Scottsdale’s trail systems and Bicycle Master Plan. Residents will enjoy the tranquility of the desert while staying connected to North Scottsdale’s premier dining, entertainment and shopping destinations just minutes away.

Optima McDowell Mountain also pioneers an innovative model for environmentally conscious development. The community will feature the largest private rainwater harvesting system in the U.S., designed to reduce overall water use, with an underground vault that can store up to 210,000 gallons of rainwater for on-site irrigation. The project is also the first in Scottsdale to be built under the newly adopted International Energy Conservation Code (IECC) and International Green Construction Code (IgCC).

Other sustainability features include solar panels, self-irrigating vertical landscaping for natural insulation and air purification, 100% underground parking to reduce surface heat retention, high-efficiency VRF heating/cooling systems, induction cooktops in the residences and EV charging in the parking garage for both residents and guests.

The Optima McDowell Mountain Sales Gallery is now open by appointment only, inviting prospective buyers to experience firsthand the innovative architecture, sophisticated design and exceptional lifestyle that define this premier community. With residences in the first condominium tower now selling, completion is anticipated in summer 2027. For more information and to schedule a private appointment, visit OptimaMcDowellMountain.com.

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It was common for candidates and residents alike to claim there were over 15,000 apartments in the infamous “pipeline” earmarked for Scottsdale prior to the November 2024 election.

Various numbers from an array of time periods were bandied about to prove or disprove whatever point was being made at the time.

A new report from Scottsdale City Manager Greg Canton states there aren’t near as many apartments in the pipeline as people have claimed.

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Cushman & Wakefield announced the firm has advised Optima in the acquisition of a 22-acre development site on the southeast corner of Scottsdale Road and the Loop 101 freeway in Scottsdale.

Chicago-based Optima is constructing a new luxury mixed-use residential project named Optima McDowell Mountain Village on the northern Scottsdale site, according to a press release. The project will consist of six 8-story buildings totaling approximately 1,330 residential units plus 36,000 square feet of commercial space plus top amenities.

Four of the buildings will be rental apartments and the other two are for-sale condominiums. The unit mix will consist of studios, one-bedroom, two-bedroom and three-bedroom units that range from 775 to 2,025 square feet.

Optima acquired the land from John Lund for $44.75 million. The site was originally proposed for three new car dealerships, the release explained.

Managing Director Don Arones with Cushman & Wakefield in Phoenix represented the buyer and Marty De Rito of De Rito Partners, Inc. represented the seller in the transaction.

The project was recently approved by the city council and is estimated to cost up to $1 billion, the release stated.

“This will be a world-class residential project and will provide needed upscale housing to the many employers in the growing Scottsdale area and surrounding communities. The property is strategically located along the freeway that will also make it very convenient for residents to access any destination,” said Don Arones in the release.

Designed by architects David C. Hovey and David Hovey, Jr., Optima McDowell Mountain Village is comprised of six concrete-framed condominium and apartment buildings with undulating landscaped facades that echo the shapes of the McDowell Mountains.

Each of the six buildings will contain its own resort-style amenity offering which will include a rooftop deck with a 50-meter Olympic-length swimming pool, a sauna, a spa and a cold plunge among many other luxury features.

The ground-floor level of each building will be similarly outfitted with spacious, well-appointed lobbies, a fitness center and yoga studio that look out over the landscaped courtyard, a sauna and steam room plus much more.

With views of the majestic McDowell Mountain range as the backdrop, the location is just a five-minute drive to the shopping, dining and entertainment destinations of Scottsdale Quarter and Kierland Commons.

Being adjacent to the Loop 101 Freeway and just two minutes from the SR-51 Highway and ten minutes away from the I-17 Highway will allow residents to be just 15-25 minutes from Downtown Phoenix, Glendale, Old Town Scottsdale, Tempe, Mesa and Phoenix Sky Harbor Airport, the release detailed.

Also, the development will feature a bicycle and pedestrian path around the perimeter of the development that will connect to the bicycle and multi-use paths of the City of Scottsdale Bicycle Master Plan.

Parking at McDowell Mountain Village will be 100% underground, and Optima will also be developing a new roundabout on Mayo Boulevard.

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Colliers in Arizona has released the annual Greater Scottsdale Airpark 2030 Report, indicating healthy conditions within the growing submarket.

According to the report, demand for commercial space in the area is exceeding supply and development of new space is being handled at a healthy pace.

“Many are speculating a future recession, but we are not overly concerned about that for the Scottsdale Airpark,” said Jim Keeley, SIOR, CCIM and founding partner of the Colliers Scottsdale office.

Read more on Scottsdale Progress

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PHOENIX — Development firm Optima has started construction on its newest residential development in Arizona called Optima McDowell Mountain Village.

The $1 billion development stretches across 22 acres southeast of Scottsdale Road and the Loop 101 in north Scottsdale.

Optima, which has experience developing in Phoenix, Scottsdale and throughout the Valley, has partnered with Mitsui Fudosan America, a subsidiary of Japan’s largest real estate company, on the project.

Earlier this month, developers broke ground on the first building, which will contain 210 rental units. It will eventually be one of six buildings, including over 1,300 luxury residences.

Among the architectural design are rooftop amenities on top of each building, including an Olympic-length swimming pool, running track around the perimeter of the roof, outdoor fire pits, lounge seating, barbecue spaces and more.

Ground floor amenities include a fitness center, sauna, game room, theater, indoor sport courts, an outdoor pickleball arena, golf activities and more.

Connecting all six buildings is the courtyard stretching across the development which features a bike and walking path around the perimeter of the property as well as the nearby paths throughout Scottsdale.

The development is the first project in Arizona designed to meet the standards of the International Energy Conservation Code as well as International Green Construction Code. Solar panels, native plants and underground parking are among some of the contributing factors.

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1. Kimley-Horn & Associates earned a National Recognition Award from the American Council of Engineering Companies for its engineering work on the Tonto Creek Bridge in Tonto Basin. The 1,980-ft structure was funded by a $23.9M federal grant and built by Ames Construction. Ethos Engineering, Inc., Logan Simpson Design, Inc., J.E. Fuller, Inc., Newton Environmental Consulting, LLC and Commonwealth Heritage Group, Inc. also assisted with the project.

2. Green Ideas Building Science Consultants announced the Chase Sapphire Lounge at Phoenix Sky Harbor International Airport achieved LEED-CI Gold certification on April 14. The 3.6KSF lounge in Terminal 4 was designed by Corgan and GLUMAC Engineers and built by Alston Construction.

Groundbreakings

3. DESRI broke ground April 30 on the Catclaw Power and Storage Project, a 250MW solar and 250MW battery storage facility spanning 1,618 acres in Buckeye. The project will connect APS customers statewide by connecting to the regional electrical grid through APS’ Sun Valley Substation. Completion is expected by mid-2026.

4. The City of Phoenix has broken ground on Innovation 27, a $43.5M workforce and education center at the NWC of 27^th and Northern avenues. The project has been in the works for at least five years. It will offer trade education through partners including the West-MEC high school district, Maricopa Community Colleges, Arizona State University, Northern Arizona University and the Washington Elementary School District. The center is expected to open in summer 2026.

5. Buc-ee’s is breaking ground on its first Arizona location at 1001 N. Bullard Ave. in Goodyear. The company acquired the 22-acre site for $17.2M in March 2024 and began site grading that October. The 74KSF 24/7 travel center will include 120 fueling stations, retail and food offerings.

Progress Reports

6. Optima has launched sales for 7230, the first for-sale condominium tower in its $1B Optima McDowell Mountain development in north Scottsdale. The 196-unit tower is part of the first phase alongside 7220, an apartment tower set to debut in fall 2025. Completion of 7230 is expected in summer 2027. The 22-acre development at Scottsdale Road and Loop 101 will include six eight-story towers with residential, retail and restaurant space.

7. Willmeng Construction hit a major project milestone on a renovation project at McCormick Stillman Railroad Park in Scottsdale. Willmeng and its structural steel subcontractor, Castle Steel, recently raised the final support beam on the new, 7.5KSF Roundhouse, which will be a central feature of the newly renovated park.

8. Willmeng Construction recently celebrated the topping-off ceremony for the Mesa Gateway Library, complete with signatures from across the city. With this being the first public library in 35 years to be built in Mesa, the community had a special role to play in documenting this milestone.

9. A new Lowe’s at South Bridge Marketplace in Maricopa is nearing completion. The 94KSF store broke ground in November and is targeting a late July opening.

Completions

10. LGE Design Build completed construction of Thunderbird Commerce Park, a 243KSF Class A industrial facility developed by Creation at Scottsdale and Thunderbird roads. Located near the Scottsdale Airport, the project features 32-ft clear heights, 51 truck doors, EV charging, and a modern design tailored for aerospace, semiconductor and logistics tenants.

11. Brinkmann Constructors, in partnership with Scannell Properties, completed a 150KSF industrial manufacturing facility for Super Radiator Coils in Mesa. The project includes 45KSF of Class A office space and 130KSF of conditioned manufacturing space with gantry cranes, gas piping systems and a cleanroom. Ware Malcomb was the architect.

12. Holualoa Companies and Plaza Companies completed a major renovation of WaterView, a 209KSF Class A office complex at the intersection of Highland Avenue and 22nd Street in Phoenix. The upgrades included new spec suites, modernized interiors, refreshed outdoor spaces and enhanced amenities. Plaza led property management and construction, and Lee & Associates’ The Coppola Cheney Group is the space’s leasing brokerage.

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The burgeoning $1 billion Optima McDowell Mountain development (optimamcdowellmountain.com)—six eight-story apartment buildings, 36,000 square feet of retail and restaurant space and a 10-acre park with cycling and pedestrian paths—is set to stun in the real estate community, and building 7220, which is leasing now, is its current crown jewel. “This initial residential tower represents a significant milestone in bringing Optima McDowell Mountain to life,” Optima president David Hovey Jr., AIA, notes.

Effortless green spaces abound throughout the property.

Housing 210 luxury rentals, the building’s floor plans span from studios to three bedrooms with monthly rates from $2,900 to over $10,000. Each residence features Optima’s signature architectural and biophilic design, including oversize windows, soaring ceilings, private terraces and smart-home technology. The property’s thoughtful designs were crafted with sustainability in mind, boasting the largest private rainwater harvesting system in the U.S., solar energy, electric vehicle charging stations and more.

Sleek bedrooms feature soaring ceilings and oversize windows.

Luxury living is exemplified with helpful perks like dry cleaning drop-off and delivery, an on-demand mobile app for scheduling everything from housekeeping to massages, personal training, pet care services and more. An Olympic-style pool on the roof is perfect for swimming a few laps, followed by a dip in the cold plunge. On the ground level sits a full-service fitness studio, pickleball courts, a movie theater and even a golf simulator.

Hovey Jr. sums it up best. “From the architecture and materials to the concierge services and amenities, every element was studied through the lens of how people live today—and how they want to live in the future.”

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