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New $1 Billion Optima McDowell Mountain Village Residential Project in Scottsdale

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‘Through-the-roof’ $1B project approved

For potential residents, this project is literally through the roof – with rooftop shade trees, running tracks, swimming pools and stunning views of the surrounding mountains.

But on the checklist of things current Scottsdale residents go through the roof in anger over, this billion-dollar project hits them all.

Desert land being developed? Check.

More apartments? Check.

More traffic? Check.

Roundabout? Check.

On May 4, the Development Review Board unanimously approved Optima McDowell Mountain Village, which plans 10- story buildings housing 1,330 luxury apartment and condo units on North Scottsdale Road.

The desert land to be developed spans from Mayo Boulevard to the Loop 101.

Scottsdale City Council narrowly approved the development in November.

The mammoth Optima project, projected to cost $1 billion to build, was opposed by council members Kathy Littlefield, Betty Janik and Solange Whitehead.

“Residents told us loud and clear to anyone who was listening in the last election that they wanted to slow down the development in Scottsdale,” Littlefield said at the November meeting.

“It seems to me all we’ve done now is try and find the ways to manage to grow more and grow higher. Higher, denser, bigger is not what our citizens voted for.”

But Mayor David Ortega and council members Tammy Caputi, Tom Durham and Linda Milhaven approved the high-end complex.

Littlefield raised concerns about water use.

“I am concerned about a couple of things with this,” Littlefield said. “We’ve been going around telling our neighbors and telling our citizens, ‘Cut back on water, cut back on water, don’t water your lawn, don’t do this, don’t do that.’”

But an Optima representative sold the Development Review Board that the development will be extremely “green.”

“This will be our most sustainable project to date,” Optima’s David Hovey Jr. promised.

“Optima McDowell Mountain Village (units) will use approximately one-quarter the amount of water of a single-family home.”

Last year, Optima transferred 2,750 acre feet of water to the city “to make the project water neutral.”

Hovey Jr. said that would provide anywhere from 11 to 32 years of demand by the new project.

Optima says it will have a 210,000 gallon rainwater harvesting storage tank – which the developer claims will be the largest private rainwater harvesting system in the United States.

Optima has a similar development at Kierland Commons.

“Other site enhancements include a new sidewalk and path system along both street frontages, a roundabout located at Mayo and North 73rd Place and a transit stop along North Scottsdale Road,” according to the plan submitted by Optima.

According to the presentation, the 20-acre development in the Greater Airport Area “has evolved as the result of 11 iterations with the mayor, city council, the city’s planning and building departments and neighborhood outreach.”

“We had over 300 letters of support and only six letters in opposition,” he stressed.

In addition to adding a bus stop, the project will have a bike path “around the entire development.”

The project’s six buildings will be built in three phases, according to Hovey Jr..

He said 25% of commercial space was added “at the request of the mayor.”

“Traffic will be on average 1% to 1.8% more daily traffic than if the project was not present,” he said.

The rooftops of the buildings are particularly stunning, featuring shade trees, running tracks – and swimming pools.

Riehl referred to a $15.6 million “height buy up that can be used at the mayor and city council’s discretion.”

According to a website marketing the project, “Consisting of approximately 970 apartments and approximately 420 luxury condos for sale is Optima McDowell Mountain Village.

“The $1 billion development features a 22-acre location … subterranean parking, an underground trash system, and approximately 36,000 square feet of world-class commercial space.”

Plans show dozens of shade trees and large, open green space, including a putting green; Optima says artificial turf will drastically reduce water use.

If they were giving out grades, the Design Review Board would give this one an A+.

“This is a fantastic project for Scottsdale,” said William Scarbrough, a board member.

“I think it’s very stunning and beautiful,” fellow board member Michal Ann Joyner added. “I think North Scottsdale’s going to be very happy to have this project.”

Ali Fakih praised the “out of the box thinking” of the project.

Even Janik, who voted against the project in November, voted for it in her role with the Development Review Board.

“You have set the stage for Scottsdale development,” Janik told Optima.

Construction begins on Optima McDowell Mountain Village in North Scottsdale

Award-winning real estate development firm, Optima is partnering with Mitsui Fudosan America, Inc. for the development of the first building within its newest Arizona residential development, Optima McDowell Mountain Village, located on 22-acres on the southeast corner of Scottsdale Road and the Loop 101 Freeway in North Scottsdale.

The first building will consist of 210 rental residences, which just broke ground this month and is located on the southwest corner of the site. The overall development will comprise six, eight-story apartment and condominium buildings that will include 1,330 luxury residences and 36,000 square feet of commercial and retail space.

Designed by David Hovey Sr., FAIA, and David Hovey Jr., AIA, each of the six buildings will feature the sophisticated architectural detail that characterizes Optima’s Arizona projects and will contain its own resort-style amenity offering which will include a rooftop sky 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 fire pits; 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.

Optima McDowell Mountain Village™ will provide an unprecedented 75% open space area at grade level with a grand central courtyard as well as feature a bicycle and pedestrian path around the entire perimeter of the master planned development that will connect to the project’s 36,000 square feet of destination retail as well as the bicycle and multi-use paths of the City of Scottsdale Bicycle Master Plan.

“We are very excited to begin this partnership with an organization of the caliber of Mitsui Fudosan America that shares our commitment to exceptional design, the highest quality construction, resident-centric property management, and the creation of sustainable neighborhoods,” says David Hovey Jr., AIA, President & COO of Optima®, Inc.

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, and solar panels; 100% underground parking to mitigate the heat-island effect, Optima’s signature vertical landscape system, and the largest private rainwater harvesting system in the United States. 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.

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 enable residents to be just 15-25 minutes from Downtown Phoenix, Glendale, Old Town Scottsdale, Tempe, Mesa, and Phoenix Sky Harbor Airport.

Now in its 46th year, Optima® continues to grow in the Greater Phoenix market. Having previously opened Arizona luxury condominium and apartment developments, including Optima Biltmore Towers®, Optima Camelview Village®, Optima Sonoran Village®, and Optima Kierland Center®.

“As is evidenced by our investment in our Optima McDowell Mountain Village™ project, Optima® signifies our long-term commitment to ongoing investment in the growing Scottsdale and Arizona markets,” adds Hovey Jr.

Optima Launches Sales for First Tower at $1B North Scottsdale Community

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.

Redefining the Renter Class

U.S. population growth is slowing and expected to continue declining over the next decade. At the same time, demand for multifamily rental units continues to be robust, a trend Fannie Mae predicts will continue over the long term.

Can both things be true at the same time? They can, say the professionals who keep a close watch on the demographic trends shaping the multifamily industry. Shifting demographic factors—including delayed household formation, aging renters, and lifestyle-driven mobility—are redefining who rents and why. And as developers and investors grow more savvy about parsing their rental pool and technology makes it easier than ever for REITs to align their portfolios using artificial intelligence (AI)-driven demographic strategy, they’re rethinking everything from geographical choices to unit mix to amenity strategies.

Younger generations are waiting longer to form households—the average marriage age has increased more than four years since 1990—while housing costs are driving outsized demand for rentals, says Roberto Casas, senior managing director for JLL. That means the renting population now spans a larger age demographic than it ever has, and this has been a big factor in pushing multifamily from 0% of the Open End Diversified Core Equity Index in 1980 to 32% today, he says.

“Aging demographics and structural changes, such as delayed marriage and a rise in the share of single households, are the biggest changes we’ve come across in both our proprietary data as well as third-party data sources,” says TJ Parker, senior vice president of market research and data analytics for multifamily investment and management firm Bell Partners. “On demographics, we are seeing a flattening of the curve across age cohorts, which means demand is spread out across both younger and older age cohorts.”

As mortgage rates decline, some millennials and Gen Zers will leave the rental market to buy homes, Parker says, but, at the same time, Bell is seeing more demand from older renters who are choosing the convenience of renting over the upkeep of owning a home. “But, of course, real estate is very local in nature,” she adds. “The demographic composition may vary widely across communities and different Bell markets, which adds complexity in terms of providing services that cater to those needs from a property management perspective.”

For Mary Cook, president of Chicago-based design firm Mary Cook Associates, getting demographics right means looking beyond things like average age and income. Cook’s team susses out “the who” of new projects by exploring the area’s key employers, figuring out where people are migrating from, and visiting nearby retail stores and coffee shops.

Cook says she realized, for example, that her design for a property located between Harvard University and the Massachusetts Institute of Technology in Cambridge, Massachusetts, had better be next-level tech savvy when she stumbled across a neighborhood coffee shop with an electric board that displayed how long her order would take based on an algorithm tracking how many people were in the store. For a property in Princeton, New Jersey, proximity to a pharmaceutical company that employed many people from East India prompted Cook’s team to include lock boxes in the mailroom for passports, visas, and green cards.

“The ‘who’ is what informs every aspect of our design, the strategy behind how we dedicate space, and how we prioritize space,” Cook says. “The aesthetic ends up coming last.”

Gen Z: Renting as a Lifestyle

On a macro level, Gen Z—which now comprises 27% of the workforce and 30.5% of all renters—is driving the rental market. Because this cohort had the unfortunate timing of starting their professional lives just as housing costs soared to unattainable levels, about 85% of them are renting, says George Ratiu, vice president of research for the National Apartment Association.

But young adults aren’t renting simply because they can’t afford to buy. Many simply prefer it. In a June poll, Entrata and Qualtrics found that 72% of Gen Zers said they believe renting is financially smarter than owning a home, 83% said renting helps them save for other priorities, and 37% said they prefer the ease of on-call maintenance over the burdens of home ownership.

This generation is also geographically nimble, much more willing than older generations to move in search of a better or more affordable lifestyle. They’ll pay a little more to live in walkable neighborhoods with parks, coffee shops, and restaurants, and they’re flocking to smaller, more affordable metros in the Midwest like Ann Arbor, Michigan; Lincoln, Nebraska; and Des Moines, Iowa—places their parents fled.

Developers are responding to Gen Z demand in these cities with amenity-rich properties in downtown hubs. In Des Moines, Double Eagle Development is building a $50 million, 202-unit complex on an urban infill site near restaurants and a growing entertainment district. In Ann Arbor, 4M recently opened a 216-unit, mixed-use mass timber complex powered by a natural gas fuel cell system and other environmentally friendly features that appeal to climate-conscious Gen Zers.

In addition to location and sustainability, these new developments are targeting tech-native, wellness-oriented Gen Zers with amenities like lightning-fast connectivity, coworking accommodations, and social spaces and programming that build belonging and address mental and emotional well-being. To counteract the amount of time this generation spends on screens, Cook says, Gen Z-focused properties “need to be really activated with all sorts of activity rooms to keep people more engaged with each other.”

Projecting a highly curated, authentic spirit, The Sadie in Fort Worth, Texas, targets those who not only appreciate art and culture but live it in their everyday lives. (Interiors by Mary Cook Associates, developed by Toll Brothers Apartment Living )

Not Your Father’s Senior Housing

Gen Z is not the only flexible, mobile, and digitally fluent generation to embrace renting. Their parents and grandparents—baby boomers—are chasing many of the same amenities, including walkability, access to transit and public services, and climate-responsive and resilient design. As such, boomers have become a desirable growth market for luxury properties.

Make no mistake—the number of 80-plus renters is growing at ever-accelerating rates, pushing net absorption for senior housing to record highs. But Doug Ressler, manager of business intelligence for Yardi Matrix, points out that the pool of potential tenants for senior housing is limited to people who can afford the high price of assisted living. Younger seniors who can’t see themselves moving into age-restricted, health care-oriented housing until they’re 85—if ever—are a ripe market, Ressler says.

Adults in the 65 to 85 age range often have pets and may still be working. They want space, but they don’t want the hassle of maintaining it, which is why they’re a driving force in the growing build-to-rent single-family rental market, Ressler says. They’re also not averse to living among young adults in apartment complexes. “The nature of generational conflict is not near where it used to be,” he says.

“Boomers and Gen Z actually cohabitate pretty well,” Cook says, “because you don’t have the kid factor.”

This trend started to emerge in the early 2010s, when developers who built Class A urban apartments to capture affluent millennials realized a lot of baby boomers were moving in, too, says rental housing economist and consultant Jay Parsons. “That demographic is not necessarily looking for something that’s geared toward a senior adult,” he says. “They’re maybe looking for something that makes them feel younger.”

“Renting has become an increasingly popular option for active seniors who aren’t interested in age-restricted housing but seek a maintenance-free lifestyle in an accessible building,” says David Hovey, president of Optima, a company that designs, develops, builds, and manages multifamily communities in Arizona and Illinois. “With single-level homes and residences with elevators in particularly high demand and short supply, luxury rentals offer a practical and appealing solution with the flexibility and peace of mind to age in place.”

With the number of renter households headed by people 65 and older increasing by more than 1 million between 2019 and 2024, according to a Harvard University Joint Center for Housing Studies report, boomers are lucrative at both the luxury and affordable ends of the market.

“With the oldest baby boomers turning 80 in 2026—an age when more people turn to renting—a wider range of affordable rental options for older adults will be required to accommodate their changing needs,” the report states. “Renting will be an especially attractive option for older adults who want to age in their community, reduce their maintenance responsibilities, and access the shared spaces for social interaction and accessibility features more common in multifamily buildings.”

No Place Like Home: Optima McDowell Mountain Village

Optima McDowell Mountain Village, Optima’s newest residential and commercial proposal, is composed of six 11-story buildings with 1,500 apartments and condominiums, as well as 31,000 SF of commercial space. This community, located in a vacant lot on the south side of Loop 101 and near Mayo Avenue, Scottsdale Road, and Scottsdale Airpark, will enhance Scottsdale and stimulate healthy, sustainable growth.

“Optima McDowell Mountain Village provides a live, work, play environment that will appeal to a wide range of buyers and renters drawn to the architecture, open space, active lifestyle, sustainable design, health-based, amenity-rich community service offerings as well as its premier Scottsdale location,” Hovey says.

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Construction on the 22-Acre Development in Scottsdale, Optima McDowell Mountain Village, Could Start This Spring

A Chicago firm known for its lushly landscaped and eco-friendly residential developments expects to break ground this year on a luxury mixed-use project in Scottsdale near Phoenix.

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‘Through-the-roof’ $1B project approved