Old Town Scottsdale Land Purchased For Condos

The East Valley Tribune reports that Grace Communities has purchased a 9.7-acre parcel for $17.5 million at Scottsdale Road and Drinkwater and plans to build a 138-unit condo project called Portales Place. The property is next door to the Scottsdale Fashion Square. The condos will range from 1,650 to 4,900 square feet, and will start at $675,000. Grace says it will break ground this year on the $185 million project. The project will have three buildings, each three to five stories, and a 300-space parking structure. More...