The sale of 4.9 acres near the southeast corner of Alma School Road and Southern Avenue is the latest step in the process of turning a much-anticipated high-rise condominium complex into reality.
Roszak/ADC, an Evanston, Ill.-based developer, completed the purchase of the land on Oct. 13 for $6.4 million, according to Bert Kempfert, broker for CB Richard Ellis. The seller was AVB Development Partners of Scottsdale.
Roszak has announced plans to build on the property a condo complex called Fiesta Towers, which would be composed of four towers up to 25 stories containing 540 to 850 units.
Tom Roszak, president of Roszak/ADC, could not be reached for comment this week. But Kempfert said completion of the property sale is an indicator that Roszak is serious about moving forward.
"I doubt they would buy it if they didn’t intend to build it," he said. "There is a 100 percent probability they will get it built."
Kempfert expects construction will begin by the end of next year, possibly as soon as the third quarter.
The project has drawn much attention because it breaks from Mesa’s tradition of low-density residential sprawl. Instead it offers the higher-density living that has become increasingly popular in urban cores across the country. Such projects are under construction in downtown Phoenix, Tempe and Scottsdale.
The Mesa City Council unanimously approved zoning for the property in April, allowing construction of buildings up to 25 stories. At that time, the firm said it intended to sell condos in the $200,000 to $700,000 price range. Also planned are amenities such as a swimming pool, game room and retail space.
Now that the property is in the developer’s hands, the next step will be for Roszak to open a sales office, said Teri Killgore, interim economic development director and Fiesta District program manager for the city of Mesa. She said the developer plans to open the office in a nearby strip shopping center. That could happen early next year, although she said the schedule could change based on conditions in the housing market.
"Everyone knows what is happening in the housing industry," she said.
"I doubt that they would launch sales in the low point of the market."
Roszak already has accumulated the names of several hundred people on an interest list, she said.
Depending on how fast condo sales proceed, the developer could file technical construction documents next spring, she said.
The final heights of the towers will be determined by the number of sales, she said.
Information about Fiesta Towers is available at the developer’s Web site, www.roszakadc.com.
By Ed Taylor – Tribune
