A new apartment complex in Scottsdale, an affluent city in the eastern part of Maricopa County, Arizona, will be constructed by a Phoenix-based developer. The apartment complex is said to be the first new residential building constructed for over ten years in the area. While naming a weak demand for high-end condominiums, the owner of a high-rise condominium property decided to convert it into an apartment project. The condominium property located at 44 Monroe in Phoenix, Arizona’s business district was acquired by a Chicago-based ST Residential in June 2010.
Modus Development LLC, the developer of the seven-unit apartment complex said that the project will be called Modus Zero, which is built with a sustainable system to use lesser energy.
The apartment complex is said to stand on 13,572 square feet parcel located at southeastern corner of 73rd Street and Minnezona Avenue.
Zoning permits are already acquired by the developer, and construction for the apartment complex is said to commence early summer 2011, but still depends on the city’s approval for the site.
Modus Development had also constructed an eight-unit condominium in Turney Avenue in Phoenix, which achieved an LEED for Homes Certificate — the first LEED for Homes certification for a residential project in Arizona, and the first LEED-H for a multi-family project in the United States.
The developer is said to achieve another LEED certification for its new project.
Other residential project proposal besides Modus on the city is a 749 unit apartments by Gray Development Group.
The apartment complex’s completion is expected on spring time 2012, according to the president of Modus Development, Ed Gorman.