By Ron Davis | Phoenix Business Journal
A mixed-use project in the middle of a busy commercial area of Scottsdale is set for consideration by the city.
CaliberCos Inc., a Scottsdale-based real estate investment and development company, is bringing a rezoning case that will be examined on June 20 by the city’s development review board* that could make way for a revamped project, known as Mercado Village. The 240,000-square-foot project would include 255 multifamily units, 13,142 square feet of coworking space and live-work units on-site.
*Motion to recommend approval of case 1-ZN-2024 to the Planning Commission and City Council passed 3-1. – Development Review Board Marked Agenda (June 20, 2024)
Mercado Village would be built on more than 6.6 acres home to a shuttered office building and a vacant parcel of land at 10299-10301 N. 92nd Street. The three-story residential building would wrap around an existing parking structure. The site is located east of Loop 101 and between HonorHealth Scottsdale Shea Medical Center campus and CVS Health Corp.’s office. The project is adjacent to a shopping center that’s anchored by Sprouts Farmers Market.
Caliber has been in front of city planners before to bring this project to fruition, and in 2022, the project, then called Mercado Courtyards, made its way up to Scottsdale City Council. Council voted it down in December 2022 and Caliber went back to the drawing board.
“Caliber has worked closely with members of the local community, neighborhood associations, city staff and council members to create a new plan for Mercado Village that responds to their previous comments and includes features they identified as being best for the Scottsdale community. As a result, the new proposed development plan reduces the building height to two and three stories only, reduces the unit count, provides ample co-working space for lease on the ground floor, and reduces the size of the property included in the rezoning application,” said Kyle Barichello, development manager at Caliber, in a statement to the Phoenix Business Journal. “The proposal also helps address negative impacts regarding existing traffic flow around the property, includes important pedestrian connections, and repositions a property that has remained mostly vacant for over twelve years.”
Mercado Village would also include a rooftop pool and fitness center, according to project documents.
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