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MARK-TAYLOR TO BUILD 590 APARTMENTS IN TEMPE . . . PART OF MULTI-FAMILY CONSTRUCTION BINGE

Tempe - Mark-Taylor Inc. in Scottsdale (Jeff Mark, Scott Taylor, principals) plans to develop a 590-unit apartment community in a two-phased project planned for a 30-acre site located south of the southwest corner of Priest Drive and Warner Road in Tempe.. The parcel is owned by members of the Anglin and Seigel families. The sale is being negotiated through Brent Moser, Mike Sutton and Brooks Griffith of Cassidy Turley in Phoenix. Taylor says the company is shooting to complete the phase one purchase of the land by first quarter 2013. That parcel is owned by the Anglins. Mark-Taylor wants to build 362 units in phase one. Construction scheduled to start August 2013, with opening projected for May 2014 and build out of both phases anticipated around March 2015. Mark-Taylor Development to serve as contractor. Kitchell Development Corp. (Jeff Allen, pres.) in Phoenix to serve as Mark-Taylor’s joint venture partner in the project. Those two companies have teamed up to develop apartment projects on multiple occasions. Development cost (land and buildings) estimated at $75 million to $80 million. Construction financing still to be arranged. The apartment complex, being called San Sonora, is being designed by Architectural Design Group (a Mark-Taylor affiliate). The one-, two- and three-bedroom units are expected to range from about 730 sq. ft. to 1,450 sq. ft. Monthly rental rates still to be determined. Taylor says the venture has yet to decide if it will hold the property for investment or sell the asset after completion of construction. BREW has reported Mark-Taylor developing and selling numerous apartment projects in the Phoenix area. The apartment developer is looking for additional multi-family development sites in the Valley. Last year, BREW reported Mark-Taylor joining forces with Kitchell to build a combined 607 units in multi-family communities in Chandler and Tempe. In Chandler, Mark-Taylor and Kitchell are developing 383 apartments just south of the 202 Freeway at the northeast corner of Willis and Alma School roads. That 21.5-acre site was contributed to the venture by Kitchell, who owned the land. In Tempe, the Mark-Taylor/Kitchell venture is developing a 229-unit apartment complex located west of the southwest corner of Rural and Baseline roads. Find out more from principals of Mark-Taylor at (480) 991-9111. Talk to Allen at (602) 264-4411. The Cassidy Turley agents are at (602) 954-9000.


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