The first residents are moving into the $1 billion Optima McDowell Mountain luxury community being developed in an area surrounded by intense growth.
The 22-acre Optima community, at the southeast corner of Loop 101 and Scottsdale Road, will include a mixture of 1,330 luxury rental apartments and for-sale condominiums, as well as 36,000 square feet of retail and restaurant space.
The first eight-story apartment tower will complete construction early next year, with monthly rates starting at $2,900 and soaring to more than $10,000. Sales kicked off in May for the luxury condominiums, with prices ranging between $600,000 to more than $3 million for these luxury units.
Many buyers are customizing their units, as more than 40% of early reservations are for custom combination homes. Residents purchase two or three units to create expansive residences, underscoring the appetite for highly tailored living at the luxury community, said David Hovey Jr., president of Scottsdale-based Optima Inc., the developer of the community.
The apartment tower is 20% pre-leased and 5% occupied, which exceeded his goals. That’s promising for the fall, when the residential real estate market typically revs up again, he said.
This story is posted in partnership with Phoenix Business Journal. Click to read the full story.
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