Gray Development to build 749 luxury apartments in downtown Scottsdale

Gray Development Gray Development Follow this company LLC, a prominent Valley apartment developer, has purchased a key infill site in Scottsdale just east of Scottsdale and Camelback roads. Phoenix-based Gray, with partner Investment Property Associates LLC, paid $15 million for the 4.3-acre site. MidFirst Bank MidFirst Bank Follow this company was the seller. The site had been slated for additional units of the Safari Drive condominium project when the economy tanked and the bank foreclosed. The Gray and IPA partnership will now build 749 luxury apartments, a grocery store and a rooftop restaurant. The project is called Blue Sky. Construction is scheduled to begin in 2012, with the first phase opening in 2013.

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