In news that appeared in Business Real Estate Weekly of Arizona (BREW AZ) recently, it looks like the Triyar chaps are getting their bar district a little bit cozier to Scottsdale’s historically-designated retirement community, Villa Monterey. How, you may ask?
It looks like they’ve spun off their high-rise housing for drunks in the bar district, and reinvested some of the proceeds into the defunct Solis canal-front project. I can just hear the VM residents jumping for joy!
Scottsdale – Stockdale Capital Partners LLC in Scottsdale (Shawn Yari, Steven Yari, principals) has acquired a site near the northeast corner of Scottsdale and Camelback roads that was once planned for a $600 million hotel-residential development called Solis Scottsdale.
The 7.03-acre parcel is located along the north side of Camelback Road and just east of the Arizona Canal on both sides of 73rd Street. A company formed by Stockdale Capital Partners paid $18 million to purchase the land in a deal that included a 1.03-acre parcel located along the north side of Indian School Road and east of 68th Street at 6820 E. 5th Avenue in Scottsdale.
The seller was AZ-Waters Edge LLC, a company formed by IMH Financial Corp. in Scottsdale (Lawrence Bain, CEO). Public records show Scottsdale Canal Holdings LLC (Stockdale Capital Partners entity) acquired the Scottsdale land with a $4 million cash down payment and $14 million in seller carryback financing.
Shawn Yari says his company has yet to decide what it will do with either of the parcels. He adds that Stockdale Capital Partners hopes to meet with residents and business owners in the area before finalizing any plans for the acreage. The Camelback Road site, which is a half-mile east of Scottsdale Fashion Square mall, has zoning in place to allow for a 240-room hotel and 140 residential condominiums.
The previous owner of the Solis Scottsdale site lost the property to foreclosure after defaulting on a $45 million loan owed to IMH. Scottsdale Canal Development LLC spent $40.485 million to assemble the Solis Scottsdale site in 21 transactions completed in 2006 and 2007.
Interestingly, the biggest portion of the 54-parcel assemblage was 4.5 acres that an entity formed by the Yari’s sold to Scottsdale Canal Development LLC in 2006 for $29.05 million. So now, more than 8 years later, the Yaris own the land again – plus some.
Over the past 12 years, Stockdale Capital Partners and its predecessor Triyar Cos. LLC have invested $300 + million in buying and developing office, hospitality, restaurant and nightclubs within the popular area of Old Town known as the Scottsdale Entertainment District.
The Yaris spent $120 million to develop the 224-room W Hotel Scottsdale and 18 residential condominiums in 2008. In October 2013, BREW reported Stockdale Capital Partners venture paying $68.6 million ($127.72 per foot) to buy the 537,110-square-foot Galleria Corporate Centre office-retail project at 4343 N. Scottsdale Road in Scottsdale.
Triyar built and still owns an office-retail project at the northeast corner of Scottsdale and Camelback roads and multiple properties located east of Scottsdale Road and south of Camelback Road. Shawn Yari says his company is looking for additional investment and development opportunities in the Old Town area of Scottsdale. Learn more from the Yaris at (602) 748-8888. Reach Bain at (480) 840-8400.
Nice. Gives new meaning to the term “Bar Creep.”
Scottsdale does not have a definition for either an entertainment district nor do they have one for a bar district. There are no
policies for the development of either one.