Scottsdale Condos Scrapped for Hotel

Earlier we had written that a very high end condo community was scheduled to be built in the heart of the water front district in downtown Scottsdale. The site is located west of Scottsdale Road, south of Camelback Road, on the south bank of the canal just west of the pedestrian bridge.

Well, plans have changed.

The City of Scottsdale has approved new plans to scrap the condos in exchange for building a 125 room extended stay Element Hotel. Element is a Westin product and a member of the Starwood Hotel chain and is reportedly an environmentally friendly hotel with full kitchens and guest rooms.

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2 Comments so far (Add 1 more)

You know thats not a bad idea. If you make your development more flexable condos/hotel rooms you can up your options during certain markets. I’ve mentioned more than a few times that the second (tall) Centerpoint tower should be converted to a hotel. Then when the market gets better they can convert back to Condos.

1. cw on October 8th, 2008 at 5:11 pm
Very unsurprising news Will. I am actually shocked the condos were on the drawing table in the first place, especially now. I can see the land owner or developer waiting on ideas to build very high-end condos, but not announcing them in today’s market. Did they not forget that the W Hotel has 18 penthouse residences for sale now at similar prices. Aw well, it will interesting to see the impact this high-end extended stay hotel offers the area. Since rooms are equipped with kitchens, could be we possibly see a hotel conversion to condos?

2. Mitch on October 5th, 2008 at 12:58 am

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