Meritage Homes Corp. and iStar plan to jointly develop Artesia, a 30-acre site in Scottsdale, Ariz., that will include more than 500 luxury condominiums and townhouses; a private, 10-acre recreational park with running and walking trails; resort-style pools; and a 20,000-square-foot community clubhouse.
“Artesia will be one of the most-desirable places to live in the greater Scottsdale and Paradise Valley area,” said Steve Hilton, chairman and CEO of Meritage. “The community caters to those looking for a health-and-wellness lifestyle with high-end homes, open outdoor spaces, mountain views, and resort-style amenities. By forging strong relationships with our joint- venture partner iStar, we’re making Artesia a long-awaited reality.”
The initial development of Artesia was started in 2005, with 93 residences, 22,500 square feet of retail space, and underground parking garages, before coming to a standstill during the recession. The property was rezoned by iStar in 2015, with unanimous support from the city of Scottsdale, to facilitate the new development plan.
The new plan consists of three distinct areas of land, which will be developed in phases. Podium-style, four-story buildings will offer 13 floor plans ranging from approximately 1,150 to 3,750 square feet. Individual residences will include outdoor entertaining verandas along with dedicated garage parking and many amenities. The two-, three-, and four-bedroom residences are expected to be priced from the low $400,000s to more than $1 million.
The on-site sales center will open in December 2017, with first closings projected for early 2019.
