Arizona Business Gazette
Apr. 26, 2007 12:00 AM
The Scottsdale Waterfront Residences welcomed the first residents in February in the 13-story western tower.
By June, residents should start to occupy the eastern tower, the one closer to Camelback and Scottsdale roads, said Geoffrey Edmunds, a development partner with Opus West.
The $240 million condo project is the most prominent landmark in downtown’s redevelopment, which in recent years has brought more than $3 billion in public and private investment.
The 198-unit luxury condo project takes its name from the Arizona Canal, which cuts across the site and its mix of shops, restaurants and offices.
A promenade along the canal, a bridge and plaza will create a new focal point for downtown.
Scottsdale Waterfront, Optima Camelview Village and other luxury condos opening downtown will bring a new tier of luxury residential living to the city.
Buyers at the Waterfront paid an average of $1.2 million for condos that rise 143 feet above a growing urban scene in a downtown Scottsdale that includes restaurants, nightclubs and a mix of local and national retailers.
The Waterfront’s last few condos of 1,100 to 5,000 square feet were priced starting at $1.7 million each.
The condos generally match new Scottsdale homes in size, furnishings and amenities, with the exception of the yards and attached garages. Some have compared it with living in a Ritz-Carlton Hotel with a 3,500-square-foot condo instead of the standard room.
The Waterfront offers its residents an underground garage, valet parking, a concierge desk and business center.
The lofty pool deck has a zero-edge pool, a spa, gas barbecue grills and an outdoor kitchen.
Residents can work out in a fitness center above the lobby, then relax in the steam rooms in each of the locker rooms.
The Waterfront’s club room, with its wood-plank floors and paneling, will be a gathering spot for residents that’s also available for private functions, including catered meals and parties. It includes two dining rooms, a professional kitchen and a wine storage room with lockers for every resident.
A patio off the clubroom will look out onto a landscaped public area along the canal.
Waterfront residents will have perhaps Arizona’s greatest selection of shopping at the doorstep, what with the adjacent shops and sprawling Scottsdale Fashion Square a stone’s throw away.
They will be just across the canal from the new SouthBridge restaurant and retail project, which should be completed by fall. Developer Fred Unger plans to open the first of his three restaurants in May.
Plus, the shops and galleries of Fifth Avenue and Marshall Way are minutes away.
Downtown’s expanding universe of nightlife has options for most tastes and ages.
Scottsdale Waterfront itself has a mix or residents ranging from their late 20s to 70s. Only one in five buyers was from out of state, according to Edmunds, the developer.
“These are people we built homes for previously,” he said. “They trust us and didn’t mind buying off blueprints.”
Jeff Roberts, vice president of Opus West, said that the location and amenities attracted buyers.
“There was a clear demand for this style and quality of living,” Roberts said