Roszak/ADC
Roszak's Condo Plan Gets Moving for $200M MXD
GlobeSt.com
07/18/2008
Amy Wolff Sorter |
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MESA, AZ-About two years after acquiring a 4.91-acre site, Roszak ADC is ready to move ahead with the $200-million Aquaterra. The project will have 330 condo units, a 132-key Starwood aloft hotel and 15,000 sf of retail space.
Thomas Roszak, president of the Evanston, IL-based development company, says ground will break after 40% of the condos have been sold. He says the market is slow, but the site at Alma School Road and Southern Avenue is ideal for condo development because of its proximity to freeways and large employment base.
The site had been slated for high-rise condominium towers totaling 540 units. However, Roszak tells GlobeSt.com that configuring the project into a six-story courtyard building made more sense. "There was a difference in the cost of high-rise construction versus low-rise construction," he says.
As a testament to his confidence in the location, the developer has just opened Aquaterra's sales office. "This is an area that is seeing billions of dollars in redevelopment and is being rejuvenated," Roszak adds. "Also, there's a need for multifamily in Mesa at a certain price point so we're fulfilling that need." The condos go from $190,000 to $900,000 for units ranging from 550-sf studios to 1,740-sf three-bedroom penthouses.
Meanwhile, Roszak ADC will break ground on the hotel in the fall, with completion scheduled for late 2009. Roszak ADC will develop and own the hotel, with Interstate Hotels & Resorts Inc. of Arlington, VA as its day-to-day management company.
Aquaterra's retail component will be a mix of specialty tenants like a sit-down restaurant and boutique shops. Sperry Van Ness' Phoenix team has been tapped to prelease the retail space. |
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