HIG purchased a 31,500 sf. parcel with an existing 4,300 sf. restaurant in 2006 in the heart of the Old Town Scottsdale Entertainment District for $1.4 MM. Over an 18-month period, HIG re-entitled the property for a 5-story, 50 unit condo building while signing a breakable, 5-year lease with a new restaurant operator without any out-of-pocket TI expenses. In June 2012, HIG began a second re-entitlement process to take advantage of Scottsdale's newer, denser zoning laws. Entitlements for an 8-story, 112 unit condo/apartment building are expected in March 2013. HIG plans to develop or sell the project to another developer.
Total Project Cost: $20-$28 million