Meritage Homes Corp., announced plans to jointly develop a 30-acre site at Artesia in Scottsdale, Ariz. with iStar Inc.
Artesia will include more than 500 luxury condominiums and townhouses, a private 10-acre recreational park with running and walking trails, resort-style pools and a 20,000-square-foot community clubhouse.
“Artesia will be one of the most desirable places to live in the greater Scottsdale and Paradise Valley area,” said Steve Hilton, chairman and chief executive officer of Meritage Homes. “The community caters to those looking for a health and wellness lifestyle with high-end homes, open outdoor spaces, mountain views and resort-style amenities. By forging strong relationships with our joint venture partner, iStar, we’re making Artesia a long-awaited reality.”
The initial development of Artesia was started in 2005 with 93 residences, 22,500 square feet of retail space and underground parking garages before coming to a standstill during the recession. The property was re-zoned by iStar in 2015, with unanimous support from the City of Scottsdale, to facilitate the new and exciting development plan.
The new plan consists of three distinct planning areas of land, which will be developed in phases. Podium-style four-story buildings will offer 13 floor plans ranging from approximately 1,150 to 3,750 square feet. Individual residences will include outdoor entertaining verandas along with dedicated garage parking and many amenities. The two-, three- and four-bedroom residences are expected to be priced from the low $400,000s to more than $1 million.
Artesia is strategically located between Old Town, Kierland Commons and Scottsdale Quarter, with walkability to numerous restaurants, retail and entertainment choices. The site is conveniently located just 2 ½ miles west of Loop 101, which provides direct access to major employment centers in Tempe and North Scottsdale. Artesia will feature views to Mummy, Camelback and McDowell Mountains, in addition to McCormick Ranch golf course.
The onsite sales center will open in December of 2017, with first closings projected for early 2019.
