Solis developer plans revision to Scottsdale condo project

The developer of the Solis Scottsdale hotel and condominiums downtown hopes to close escrow on a land swap this month with Salt River Project that would allow the project to get under way. Mark Madkour, principal of Scottsdale Canal Development LLC, said the land exchange would clear the way for SRP to move an electrical substation at 73rd Street and Camelback Road to a site northeast of 68th Street and Indian School Road. He estimated it will take about 18 months to accomplish that and then construction could begin on the 72-foot Solis hotel. "It's taken longer than expected," Madkour said, adding that his anxious investors "understand the nature of the market we're in." As other mid-rise residential projects percolate downtown, Solis Scottsdale has been on the radar screen since May 2006 and the project's rezoning was approved in January 2009. Scottsdale Canal Development tore down apartments on its 11-acre site along the east side of the Arizona Canal, but the substation relocation and other work has been delayed.

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