Zacher Development Co. acquired five parcels from Serengeti LLC to develop a 500-unit luxury condominium project for $17.4 million or $3.44 million per acre.

In an assemblage totaling 5.06 acres, the proposed project is adjacent to Rio Salado Parkway NE of Hardy Drive and West 1st Street in Tempe. The gated project will be called the Residences at the Arts Park. It will comprise of studios, one- and two-bedroom floorplans within four condominium towers between 14 and 19 stories. Amenities will include open space, below grade residential parking, on-site management, concierge services and recreation facilities.