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Published:   January 31, 2014
Volume:   XX    Number:   4

MARK-TAYLOR DEVELOPING LUXURY RENTAL PROJECT AT FORMER RAWHIDE SITE IN SCOTTSDALE

Scottsdale - Mark-Taylor Inc. in Scottsdale (Jeff Mark, Scott Taylor, principals) plans to build a 252-unit luxury rental complex on a portion of the former Rawhide western town theme park in Scottsdale. The 16.7-acre site for the planned multi-family project is located along the east side of Scottsdale Road and just south of Pinnacle Peak Road. MT Pinnacle LLC (Mark-Taylor entity) paid $10 million to acquire the land. The seller was LaSalle115 Holdings LLC-Series 34 Villa Volterra. That company is owned by BMO Harris Bank in Chicago, Ill., as successor to M&I Bank. The sale was brokered by Pat Lannan of DPC Realty Services Inc. in Scottsdale. The high-end apartment community is being designed by Architectural Design Group (a Mark-Taylor affiliate). The one-, two- and three-bedroom units will average about 1,100 sq. ft., with monthly rents averaging around $1,430. Construction slated to start mid-2015, with opening to follow around 10 months later. Mark-Taylor Development to serve as contractor. Development cost (land and buildings) estimated at $45 million. Construction financing still to be arranged. Sources say Mark-Taylor may decide to develop the apartments with a joint venture partner. Look for Mark-Taylor to hold the asset for the long term after completion of construction and lease up. Over the years, BREW has reported Mark-Taylor developing and selling numerous multi-family communities in the Valley. The company has long been one of the busiest and most successful apartment developers in the Phoenix area. Mark-Taylor is looking for additional multi-family development sites in the Valley. The newly-acquired site in Scottsdale has an address of 7215 E. Silverstone Drive and is part of a 160-acre parcel that used to be Rawhide. In June 2004, BREW reported a company formed by Valley auto dealer and real estate investor Larry Van Tuyl paying $46 million to buy the former Rawhide property. The one-time landmark theme park, now known as Silverstone, is being redeveloped with retail, multi-family and single family residential, senior living and a planned office park. In February 2007, BREW reported Van Tuyl's company selling the parcel Mark-Taylor now owns to Gabriele Development in Scottsdale for just under $22.3 million. Gabriele planned to use the land to develop 252 townhomes and condominiums in an Italian village-theme community called Villa Volterra. Those plans never came to fruition and the lender eventually took control of the land. In September, BREW reported Van Tuyl forming a joint venture with Craig Eisenberg of Eisenberg Co. in Phoenix to develop a 75,000-square-foot retail center at Silverstone. That 12-acre site is at the southeast corner of Pinnacle Peak and Scottsdale roads. The plaza, which is being called Silverstone Marketplace, will be anchored by a 25,000-square-foot Sprouts store. Find more from Taylor at (480) 991-9111. Contact Lannan at (480) 947-6200.





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