Luxury units are planned for downtown Scottsdale

Scottsdale's latest downtown infill-incentive proposal calls for construction of a 420-unit luxury apartment complex northwest of Indian School Road and Goldwater Boulevard. Zaremba Residential Co. plans to purchase the roughly 5-acre parcel from Shawn Yari's Triyar Corp. to build the five-story complex. The property houses a Travelodge hotel, a closed Village Inn restaurant and a mostly vacant office building. Zaremba's corporate offices are located in Cleveland, but its western United States operation is based in Scottsdale. The proposal, referred to as the Scottsdale Goldwater Development, would replace the development plan approved in 2007 for the Hanover project, a complex that included apartments, retail and office uses. Scottsdale citizens filed a referendum in 2008 to stop the Hanover project. A Maricopa County Superior Court judge tossed out the referendum because it did not follow the proper filing procedures. But the project stalled because of the depressed real-estate market and restricted investment capital.

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