Banyan Residential and Bridge Investment Group Break Ground
SCOTTSDALE, Ariz., March 19, 2020 /PRNewswire/ -- Banyan Residential announced the start of construction on the long-anticipated Scottsdale Entrada development this morning. Located at the northeast corner of 64th Street and McDowell Road, Scottsdale Entrada will revitalize a long vacant 33-acre lot with a vibrant mixed-use campus, including 736 apartment units, 250,000 square feet of office space, 5,000 square feet of retail and ample public open space. The project is located in an Opportunity Zone, part of a revitalization program formed under the Tax Cuts and Jobs Act of 2017 and will be developed with program-compliant funding.
"Because of its central location and proximity to Phoenix, this project is critical to the economic prosperity and urban renaissance of the area and surrounding neighborhoods," said Mayor Lane. "As the name conveys, this is a major entry point to Scottsdale. We are very excited for construction to start."
Designed by a team of local experts including Todd & Associates and SmithGroup, the completed project will offer customers first-class amenities including resort-style pools, fitness centers, mobile workspace areas, a game room, and deck spaces with expansive views of the Papago Buttes and McDowell Mountains. Scottsdale Entrada will also offer ample public gathering spaces, including a large park designed to accommodate concerts or other events, as well as a dog park, jogging trail, and connection to the Arizona Crosscut Canal. Designed to integrate natural and urban living, Scottsdale Entrada is one of the largest mixed-use developments in the Phoenix area.
"Backed by a first-class design team and the support of a stellar equity partner in Bridge Investment Group, we have developed a truly unique mixed-use plan for a very special property," said Ben Brosseau, founder of Banyan Residential. "We are excited to deliver such a dynamic project to an Opportunity Zone property in need of timely rejuvenation."
The McDowell Corridor, where the new Scottsdale Entrada is situated, is a prominent gateway to South Scottsdale and downtown Phoenix. For years, local residents and city staff have been anxiously awaiting the redevelopment of the former Scottsdale Auto Park site. Construction on all project components will begin immediately, with the office building scheduled to open in Q3 2021, followed by the first apartment units in late 2022.
"Creating desirable living and work space requires design planning with a focus on the end user experience. The Entrada property offered us the rare opportunity to program a large parcel with a blank slate, allowing us greater flexibility to integrate open space, foster connectivity between uses, and create points of interest throughout the site," said Max Friedman, a Partner at Banyan Residential.
About Banyan Residential
Established in 2019, Banyan Residential specializes in Opportunity Zone projects and develops multifamily, office and retail properties in gateway markets across the United States. The firm currently manages a development pipeline exceeding $450 million in value, comprising more than 1,200 residential units and 385,000 rentable square feet of office space.
SOURCE Banyan Residential