240-unit Zocallo luxury apartment project taking shape

Developers of the Zocallo apartments on the former Barcelona nightclub site hope to start construction by late next year and welcome their first residents by mid-2013. P.B. Bell & Associates Inc. of Scottsdale and Investment Property Associates, of Grand Haven, Mich., recently bought the 5.8-acre property for $10.25 million. The seller was Chicago-based Scottsdale Place LLC. The joint-venture development partners plan 240 apartments in four four-story buildings northeast of Scottsdale Road and Greenway-Hayden Loop. Apartment developers coveted the site because of its proximity to the Scottsdale Quarter, Kierland Commons in Phoenix and nearby office parks. "We think it's ground zero," said R. Chapin Bell, P.B. Bell president. "It's a great urban-infill location for entertainment and jobs. Residents can park their car on weekends and never have to leave." The Zocallo project surfaced this summer amid a surge of rezoning requests for apartment development.

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