Scottsdale-based developer Optima just opened the newest tower at its condominium and apartment project at Optima Kierland Center in north Scottsdale — with plans for two more towers on the drawing board.
Since opening the 7180 Optima Kierland 12-story condominium tower on Scottsdale Road in July, 79% of the 202 units have been sold, said Optima President David Hovey Jr., who designs all the Optima properties.
Prices range from the $500,000s to more than $2 million for each of the condos.
The newest apartment tower at Optima Kierland Center opened Sept. 11 and is 33% leased. It is the fourth tower built so far on the sprawling Optima Kierland campus. Eight families have already moved in during the past week and others continue to move into the new 7140 Optima Kierland.
Monthly rents at that 213-unit luxury apartment tower range between $2.80 and $3.60 per square foot.
As these two towers attract new residents, Hovey is working on plans to build two more residential towers on the north side of Optima Kierland Center on land that currently houses La Maison Interiors at 15450 N. Scottsdale Road and a nearby office building at 15615 N. 71st St.
Hovey said he’s working his way through the zoning process for those future expansions.
Of the eight core West Coast markets, metro Phoenix has been the most robust market through the coronavirus pandemic, in terms of volumes and prices, said Paul Zeger, partner of San Francisco-based Polaris Pacific, which tracks the condominium sector.
“Arizona experienced a serious Covid-19 caseload spike in June and July, yet the condominium market conditions there remained healthy,” he said.
According to the Polaris Pacific Covid-19 Dashboard, metro Phoenix had 437 new condos and 505 existing condos listed in August. That’s down from 502 new condos and 2,518 existing condos listed during August 2016.
During the week of September 7, 96 new condo contracts were executed valued at $29 million, a 19.8% drop from the previous week, according to the Polaris Pacific Covid-19 dashboard.