fbpx

Optima: LEEDing the Way in Sustainability and Conservation

Optima, an award-winning real estate development firm, recently announced plans to move ahead with its next Arizona residential development, Optima McDowell Mountain Village, in North Scottsdale after receiving the city’s approval for the $1-billion sustainable mixed-use community. 

Breaking ground spring/summer 2023, the 22-acre site, located on the southeast corner of Scottsdale Road and the Loop 101 Freeway, is comprised of six concrete-framed, eight-story buildings that will include 1,330 luxury residences and 36,000 square feet of commercial and retail space. The development will be a mix of condominiums and apartments.

And it premiers a couple of special features.

Rainwater Harvesting and Water Conservation

Optima McDowell Mountain Village will be the largest private rainwater harvesting site in the United States, with an approximately 210,000-gallon storm water tank in a concrete vault at the lower level of the site. The tank will recapture water to repurpose for irrigation. Based on data from two other Optima communities in Scottsdale, the residences within the community are expected to use half as much water as the average Scottsdale multifamily residence and a quarter as much water as the average Scottsdale single-family home. Optima is also providing the City of Scottsdale with 2,750 acre-feet of water that will be deposited into the Scottsdale water system.

New Green Standards

The community will be the first project in Arizona to be built under both the new International Energy Conservation Code (IECC), which provides for an additional 9% energy savings over the previous code, and International Green Construction Code (IgCC). Both codes establish guidelines to create energy-efficient and sustainable buildings.

A few highlights of the sustainable features include 75% open space that will be a combination of artificial turf, xeriscape landscaping and native plants; high-performance mechanical systems, solar panels; 100% underground parking to mitigate the heat-island effect, and Optima’s signature vertical landscape system. The underground parking reduces the heat island effect by 9 to 12 degrees. The vertical landscaping system, with its self-containing irrigation and drainage, will enable a palette of vibrantly colored plants at the edge of each floor to grow both up and over the building. The integration of enhancements to the vertical landscape and architectural shading systems protects homes from the sun and creates additional privacy, while filtering the air and lowering ambient temperature.

Designed in partnership with David Hovey Sr., FAIA, the six buildings feature undulating landscaped facades that echo the shapes of the McDowell Mountains with elevations that will create depth, shadow and texture. The outdoor terraces provided for every residence will be edged with trailing native plants cascading down the building and the colors of the desert will be incorporated throughout the community with bronze glass, railings and planters. Glass-enclosed, 15-foot-high ground-floor levels will feel utterly transparent.

Amenity Rich

Each of the six buildings will contain a variety of state-of-the-art, health-based and resort-style amenities that include a rooftop deck with a 50-meter Olympic-length swimming pool; a sauna, spa and cold plunge; a running track that will follow the perimeter of the roof; and more, along with spectacular views of the surrounding desert landscape and mountains. The ground-floor will feature spacious, well-appointed lobbies; a fitness center and yoga studio; a residents’ club with game room and theater; an outdoor pickleball arena; indoor and outdoor kids’ play spaces; a dog park and pet spa; a business center and conference room; and more.

The convenient location is just a five-minute drive to the shopping, dining and entertainment destinations of Scottsdale Quarter and Kierland Commons, while the proximity to major highways and freeways will provide residents with easy access to the surrounding Valley. In addition, 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.

Optima McDowell Mountain Village will be Optima’s most sustainable project to-date and will utilize the kind of architectural detail that characterizes Optima’s Arizona projects, representing the next evolution of Optima’s design and construction.   

David Hovey Jr., AIA, is president and COO of Optima, Inc. and Optima-related entities. He oversees all company entities and business units, including development, architecture, construction, land acquisition, entitlements, corporate finance, sales and marketing, investor relations and asset management.

Did You Know: Optima McDowell Mountain Village will be the largest private rainwater harvesting site in the United States, with an approximately 210,000-gallon storm water tank in a concrete vault at the lower level of the site.

 

Read more on In Business

Visit Optima McDowell Mountain Village for more details

BEX 2023 Forecast Gives Shape to a Tumultuous Year

From Founder and President Rebekah Morris down through the entire Research, Editorial and Support staff, the crew at BEX Companies proudly self-identifies as “Data Geeks”. The annual Construction Activity Forecast Event is our time to shine and show off the extreme (some might even say excessive) volume of data we’ve put together over the year and compare it to the previous year’s output and result.

For our 2023 event(s), 365 attendees registered to drink from the data firehose and soak up as much information as they could in a whirlwind two-hour presentation by Morris and DATABEX Manager Lya Parrish. For the first time, demand was so heavy the event had to be presented twice to accommodate everyone who wanted to come.

Following brief introductory remarks from Parrish explaining how data for the 11 covered markets is collected and analyzed, it was off to the races with Morris’ now-familiar overview of the state of the overall Arizona construction market, its impacts and what has changed over the last 12 months.

State of the Market

Morris started her annual summary noting the three major factors impacting construction in the state—Population GrowthEmployment, and Inflation and Interest Rates—the last of which she noted had not been a major factor until 2022.

Population growth has been a primary factor in Arizona since the end of the Great Recession, trending generally upward over the past 10 years and hovering around 1.5% annually.

That has, of course, fueled demand across the range of construction markets. Ironically, what it has not done is return construction employment to its pre-Recession levels. At its peak in 2006, Arizona construction employment was 240,300 jobs. That plummeted in the recession down to 110,900. Even with the exceptional boom in project counts and valuations, however, by 2022 construction employment had only rebounded to 186,700.

Even with a workforce that’s 22.3% below its former peak, however, 2022 construction activity totaled $22.4B, a 24% year-over-year increase and a $730M increase over the 2006 past peak.

On the inflation side, a combination of supply issues and cost increases held market growth back in 2021, Morris said. “Construction was constrained in Arizona. We couldn’t get materials, couldn’t get labor. There were, and there are still, some significant permitting delays. We did not grow the industry, but we certainly grew our Producer Price Index, that inflation number,” which hit 10%. The PPI for 2022 came down to approximately 6.7%.

Construction activity, however, grew by 24%. “I don’t have a precise answer on, ‘How much did inflation grow versus how much did the market grow?’ What we know is that we grew jobs. We’ve got specific counts by market sector. We have very specific project-level detail. We can tell the overall market grew much more than inflation.”

After going over the general numbers, Morris put the data into context across construction markets. She reported that in 2019, the cost/SF for a small office renovation was between $50 and $100. In 2022, that had risen to $150-$250. For new mid-sized apartment complexes, the cost/SF was $150-$175/SF. In 2022 the average was between $220-$275.

The researchers and the audience were fortunate enough to have an apples-to-apples comparison for high-end multifamily. In 2020, the Optima Kierland luxury apartment development was announced with a per-unit cost estimate of $632K. For the Optima McDowell Mountain Village project announced in 2022, the per-unit development cost had risen to $751K.

Nearing the end of her introductory segment, Morris talked about how, not very many years ago, the market share breakdown between Housing, Public and Private projects was generally one-third to one-third to one-third. Showing a seismic shift in demand volumes, Housing currently stands at 27.2%, Public at 20.4% and Private at a whopping 52.4%.

Capital Improvement Programs

Morris next launched into coverage of projects and trends in Capital Improvement Programs and the Public sector, which for research purposes consist of Education, Public Spaces, Utilities and Transportation.

Of the Top 10 Capital Improvement Programs analyzed this year, only two—Valley Metro and Mesa—showed decreases. Phoenix led with $9.778B, followed by the Arizona Department of Transportation at $6.752B.

Bringing up the rear at Number 10 was the Town of Queen Creek, which saw its CIP explode with a 232.1% increase to reach $972.3M.

 

Read more on AZBEX

Visit Optima McDowell Mountain Village for more details

Visit Optima Kierland Apartments for more details

Arizona Projects 06-30-23

1. Optima, Inc. has announced construction is expected to begin on the 22-acre, $1B+, 1,330-unit Optima McDowell Mountain Village this summer. Phase I will deliver approximately 210 apartments and another 210 condominiums.

2. Martens Development and its general contracting partner Willmeng Construction broke ground on Mission Park, a two-building, 723.5KSF Class A industrial park at I-10 and Perryville Road in Buckeye.

3. Sunbelt Investment Holdings Inc., along with general contractor Graycor Construction Company Inc., have debuted design plans for and started construction on Phase I of Camelback 303, totaling 516.3KSF. The project initiates SIHI’s 4MSF industrial park in the Loop 303 Corridor in Goodyear. Phase I is designed for use by a single tenant or is divisible to three tenants.

4. DCS Contracting broke ground on the Ocotillo Road: Sossaman Road to Hawes Road for the Town of Queen Creek. This project will widen Ocotillo Road to two lanes in each direction with a center turn lane, bike lanes, sidewalks, drainage improvements, utility modifications, street lights and traffic signal installations. Improvements are anticipated to be completed by late 2024.

 

Read more on AZBEX

Visit Optima McDowell Mountain Village for more details

Visit Optima Kierland Apartments for more details

Optima McDowell Mountain Village receives approval from Scottsdale City Council – Phoenix Business Journal

Optima will construct six buildings that will be either apartments or condominiums as part of the project that will also include commercial office space.

City documents show that Optima looks to start on construction as soon as possible after being given the green light from Scottsdale City Council. phoenix

Optima will construct six buildings that will be either apartments or condominiums as part of the project that will also include commercial office space.

Scottsdale-based Optima Inc. received approval from Scottsdale City Council this week on a development agreement and rezoning for Optima McDowell Mountain Village. The deal was approved Monday on a 4-3 vote. Optima will build six, eight-story buildings that are each 118 feet tall. Four of those buildings will be apartments and the other two are condominiums. Those buildings will include 1,330 units plus 36,000 square feet of commercial space and other amenities throughout the development.

 

Read more on Head Topics

Visit Optima McDowell Mountain Village for more details

One of the Area’s Largest Multifamily Developments Planned for N. Phoenix

Fueled by the explosion in employment opportunities and related development in north Phoenix, developer Toll Brothers Apartment Living has proposed what would be one of the largest multifamily developments by unit count in the Greater Phoenix area.

Situated on approximately 18.68 gross acres at the SEC of 7th Street and Beardsley Road, North 7th Residences is planned for 817 units, with up to 825 units allowed, spread across five buildings. Four of the buildings would be garden-style, with the remaining structure constructed as a wrap-style building with an interior parking garage, according to the Planned Unit Development project narrative submitted to the City of Phoenix by project representative law firm Snell & Wilmer.

According to the conceptual site plan, the wrap-style building—Building A—would be five stories in height with 407 units and a square footage of 611.5KSF. The remaining four garden-style buildings break down as follows:

  • Building B: three stories, 62 units, 97.5KSF;
  • Building C: three and four stories, 177 units, 220.1KSF;
  • Building D: three stories, 60 units, 92.5KSF, and
  • Building E: four stories, 111 units, 151.4KSF.

There is also a separate 4.5KSF amenity structure planned, bringing the total proposed building area to nearly 1.18MSF.

The expected unit count calls for 19 studio apartments, 455 one-bedroom, 309 two-bedroom and 34 three-bedroom apartments. As a self-described “modern, upscale, and amenity-rich living experience,” several site and lifestyle enhancement features are planned, “including a total of 25,050 square feet of air-conditioned indoor amenity space distributed throughout the site, as well as up to 90,100 square feet of useable outdoor open space containing pools, outdoor seating and lounging nodes, cooking and dining areas, fire pits, activity and fitness lawns, sports courts, and entertainment media walls distributed throughout the site in locations central to community residents,” according to the narrative.

The Site and Development Standards

The location is currently partially occupied by a two-story 97.4KSF office building developed in 2003 and previously used as a call center. The narrative says, “By reimagining the site for residential purposes, there will be improvements to the surrounding community by removal of a high traffic generating use (office/call-center), completion of the vacant site (which, as vacant land, tends to attract less than desirable activities), improvement of the abutting streetscape (modernizing the pedestrian experience along 7th Street with detached sidewalks and additional shading) and providing a new housing choice option for those that want to live/work/play in this part of the City.”

The development standards laid out in the PUD narrative are for a C-2 General Commercial Zoning District, which permits a maximum residential density of 825 units (44.2 units/gross acre) with minimum setbacks of 100 feet on the east perimeter, 50 feet on the south and 20 feet on both the north and west perimeters.

The site is adjacent to existing single- and multifamily residences. Consequently, the narrative makes a point of addressing how the development will be sensitive to existing uses, saying, “To achieve a balanced transition between neighboring uses, the Project utilizes a stepped down design, gradually decreasing the buildings’ height from its tallest elevation of 65’ and five (5) stories along the 7th Street and Beardsley Road frontages to the shortest elevation of 38’ and three (3) stories where the property is more proximate to existing homes.

“This stepped-down design results in a building massing that is contextually appropriate while also providing a transition in height ensuring the Project’s compatibility with its surrounding neighbors. Significant building setbacks (up to three (3) times greater than those required by the current zoning adjacent to the east property line and over sixteen times greater than those allowed by the current zoning adjacent to the south property line) further provide a buffer and separation between the Project and adjacent existing residences.”

Development is planned in two possible phases, with Phase I consisting of Building A with the parking structure, 407 units, swimming pool and core amenities spaces.

One of Metro Phoenix’s Largest Communities

Given the extent of multifamily development in metro Phoenix in recent years and the number of outlets and resources covering the sector, it is surprisingly difficult to find definitive information on community sizes around the area.

The DATABEX project database was started in 2016 and, for obvious reasons, does not include communities developed before its launch. Yardi Matrix is a standard resource for apartment development research, but it includes some surprising omissions and inconsistencies in its reports.

A Yardi Matrix market composition report shows 47 communities with more than 500 units completed between 1980 and 2023 in greater Phoenix, totaling 30,388 units, or 10.1% of the total market.

A March 2022 article in GlobeSt lists the largest market-rate community as the former Del Mar Terrace apartments on West Indian School Road. The 1,012-unit development was purchased by CIM Group and Tides Equities for $255M and rebranded as Tides on 71st.

When first proposed, Camden North End at 6800 E. Mayo Blvd. in Phoenix would have been larger. The development was originally planned for three phases and a total of 1,069 units. Phases I and II were built, with Phase II delivering in 2021 for a total of 784 units for the entire project. The Phase III location was sold off to another developer.

It is believed Optima McDowell Mountain Village in north Scottsdale is the largest community under development in the Phoenix metro area. Currently in the pre-construction phase, the project is planned for 1,330 apartment and condo units to be built in three phases over a 10-year development cycle.

At 817 planned units, North 7th residents will easily land among the top planned and, if built as proposed, the largest completed development projects in the metro area.

Toll Brothers Apartment Living is the developer. The design firm is CCBG Architects, with landscape planning by Collective V Design Studio, IncHubbard Engineering is the civil engineer, and Lokahi is the traffic engineer. The zoning attorney/project representative is Snell & Wilmer. As of press time on Aug. 28, no hearings or meeting dates have been set.

 

Read more on AZBEX

Visit Optima McDowell Mountain Village for more details

$1B Optima McDowell Mountain Village will break ground in 2023

Award-winning real estate development firm, Optima, announced today plans to move ahead with its next Arizona residential development, Optima McDowell Mountain Village, in North Scottsdale after receiving the city’s approval for the $1 billion sustainable mixed-use community. 

Breaking ground spring/summer 2023, the 22-acre site, located on the southeast corner of Scottsdale Road and the Loop 101 Freeway, Optima McDowell Mountain Village is comprised of six concrete-framed, eight-story buildings that will include 1,330 luxury residences and 36,000 square feet of commercial and retail space. The development will be a mix of condominiums and apartments.

Optima McDowell Mountain Village will create an environmentally friendly residential neighborhood in the burgeoning area of North Scottsdale with a state-of-the-art, all-inclusive, health-based, amenity-rich community. Most notably from a sustainability perspective, it will be the largest private rainwater harvesting site in the U.S. The residences within the community are expected to use half as much water as the average Scottsdale multi-family residence and a quarter as much water as the average Scottsdale single-family home. Optima is also providing the City of Scottsdale with 2,750 acre-feet of water that will be deposited into the Scottsdale water system.

“We are especially excited about the location of Optima McDowell Mountain Village being in north Scottsdale so close to the spectacular McDowell Mountains and the proximity to the Loop 101 Freeway as well as current and future major employers” said David Hovey Jr., AIA, Optima’s President and COO. “Architecturally this project will be unique with over 75% open space with six buildings surrounding a central sheltered courtyard comprised of a combination of xeriscape, drip irrigation and artificial turf. This will be our most sustainable project to-date and will include the largest private rainwater harvesting system in the United States, as well as the next evolution of our vertical landscaping system and active roof decks.”

The community will be the first project in Arizona to be built under both the new International Energy Conservation Code (IECC) and International Green Construction Code (IgCC). A few highlights of the sustainable features include 75% open space that will be a combination of artificial turf, xeriscape landscaping and native plants; high-performance mechanical systems, solar panels; 100% underground parking to mitigate the heat-island effect, and Optima’s signature vertical landscape system. The vertical landscaping system, with its self-containing irrigation and drainage, enables a palette of vibrantly colored plants at the edge of each floor to grow both up and over the edge of the building. The integration of enhancements to the vertical landscape and architectural shading systems protects homes from the sun and creates additional privacy, while filtering the air and lowering ambient temperature.

The kind of sophisticated architectural detail that characterizes Optima’s Arizona projects will be reprised at Optima McDowell Mountain Village, and represents the next evolution of Optima’s architecture and construction. Designed by internationally recognized architects David C. Hovey, FAIA and David Hovey, Jr. AIA, the six buildings, with undulating landscaped facades, echo the shapes of the McDowell Mountains. The eight-story buildings are designed to have complex elevations that step in and out creating depth, shadow and texture that enlivens each face of every building. Adding to the dynamic effect will be the outdoor terraces provided for every residence that will be edged with trailing native plants cascading down the building. The buildings have been designed to emulate the colors of the desert with bronze glass, railings and planters. Glass-enclosed, 15-foot-high ground-floor levels will feel utterly transparent.

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, spa, and cold plunge; a running track that will follow the perimeter of the roof; outdoor fireplaces; lounge seating; outdoor kitchens with barbecues and dining spaces and sheltering arbors covered with vines. Every rooftop will offer spectacular views of the McDowell Mountains to the east, vibrant sunsets to the west, Pinnacle Peak to the north and Camelback Mountain to the south.

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 lushly landscaped courtyard; a sauna and steam room; a 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; and a business center and conference room.

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.  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.

Registration is now open for both the condominiums and apartments to be among the first to learn about upcoming sales and leasing opportunities. For more, visit OptimaMcDowellMountainVillage.com.

 

Read more on AZ Big Media

Visit Optima McDowell Mountain Village for more details

person name goes here

Maintenance Supervisor

Glencoe, IL





    Acceptable file types: *.pdf | *.txt | *.doc, max-size: 2Mb