By Ron Davis | Phoenix Business Journal
Artist rendering of Cosanti Commons, a new residential, mixed-use development planned in Scottsdale.
A high-traffic Scottsdale intersection could be home to a new multifamily development.
Denver-based DPC Cos, which has developed projects in the Valley such as Scottsdale Entrada and the Park at San Tan in Chandler, is proposing a new residential mixed-use development near Scottsdale Road and Shea Boulevard.
The project, dubbed Cosanti Commons, was up for consideration at Scottsdale’s development review board March 21 for a minor general plan amendment and rezoning.1
DPC Cos., through an entity known as New 7000 East Shea LLC, is proposing to build 240 multifamily units near the northwest corner of Scottsdale Road and Shea Boulevard, one of the busiest intersections in the region. The project, which was being proposed as a four-story building and will be about 380,000 square feet. DPC Cos. is partnering with High Street Residential, a wholly owned subsidiary of Dallas-based Trammell Crow Co., to develop the apartments, which will replace an existing multi-tenant commercial building located on the 8.5-acre site.
The proposed investment is estimated at $100 million, according to the application with the DRB.
The residential building will feature “enhanced pedestrian connectivity, underground parking, a fitness room, and landscaped courtyards.” The project will focus on less expensive studio and one-bedroom residences to serve the nearby workforce, which includes teachers, nurses, small business owners and employees, according to the application.
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1 Motion to recommend approval to the Planning Commission and City Council regarding the proposed Development Plan for case 6-ZN-2023, including updates to the Development Plan to eliminate the fourth floor of the proposed building passed 6-0. – Scottsdale DRB Meeting Marked Agenda | March 21, 2024