SCOTTSDALE, AZ — Scottsdale-based Optima Inc. is planning a $1 billion luxury residential community in north Scottsdale with 1,500 units — the largest of its projects to date.
The luxury developer has submitted its pre-application with the city of Scottsdale to begin the approval process for the project at the southeast corner of Scottsdale Road and Loop 101.
"This process is just starting," said David Hovey Jr., president, COO and principal architect of Optima.
"We anticipate when completed the project will have a total capital investment in the neighborhood of $1 billion," he said. "We currently are evaluating options for both construction lenders and capital partners."
To the west of that parcel is an 85-acre commercially zoned vacant parcel currently owned by the Arizona State Land Department. That parcel is scheduled for auction on April 13, with a minimum bid of $61.85 million.
Read more of this story from the Phoenix Business Journal.