High Street Residential and Principal Real Estate Investors Begin Construction on Gramercy Scottsdale
October 22, 2019
High Street Residential, the residential subsidiary of Trammell Crow Company, and its partner, Principal Real Estate Investors, announced that construction has begun on a luxury 160-unit multifamily development in the heart of Downtown Scottsdale. The five-story Class A building, known as Gramercy Scottsdale, sits on two acres of land just north of the Scottsdale Road and Camelback Road intersection. The project is slated for completion during the first half of 2021.
Gramercy Scottsdale will offer a mix of studios, one-, and two-bedroom units, in addition to three-bedroom penthouses. Apartments will range in size from 600 to 1,650 square feet and will offer, with views of downtown and the waterfront. Steps from Fashion Square Mall and the Entertainment District, a walkable path will lead residents to retail and dining options that the area has to offer. Project amenities will include a chef’s kitchen featured in a private dining room, a sky lounge, a top-of-the-line fitness center, a pool and outdoor lounge areas with a two-way fireplace, grilling stations and a covered terrace on the top floor. Units will be similarly well-appointed with high-end finishes, gas stoves, stainless steel appliance packages, quartz countertops and bespoke features in upper-level and larger area floorplans.
“Downtown Scottsdale continues to be a top valley destination, with new shopping, restaurant and entertainment options opening regularly. Gramercy Scottsdale capitalizes on the area’s walkability and its push to become a true live/work/play destination for residents,” said Paul Tuchin, Principal of High Street Residential’s Phoenix office. “The project features best-in-class finishes and amenities that we expect will attract a wide range of renters, who desire to be close to Downtown.”
Gramercy Scottsdale is adjacent to many of the area’s largest employers, high-end amenities, destination shopping and various entertainment venues. The project will offer direct access to Loop 101 and Loop 202 and will additionally feature a pedestrian paseo, promoting the area’s walkability.
The general contractor for the project is Wespac Construction and the architect of record is ESG Architects.
About High Street Residential
High Street Residential, a wholly-owned operating subsidiary of Trammell Crow Company, specializes in the development of multifamily housing. We have a deep background in urban, infill mixed-use residential development, as well as the redevelopment or repurposing of existing facilities. In the last 15 years, the firm has completed over $1.3 billion in projects with a current pipeline of nearly 3,500 units.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $82.9 billion in commercial real estate assets (as of June 30, 2019). The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
Trammell Crow Company
Trammell Crow Company (TCC) is a global commercial real estate developer and wholly-owned subsidiary of CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas. Founded in 1948, TCC has developed or acquired nearly 2,900 buildings valued at $75 billion and over 655 million square feet. As of September 30, 2023, TCC had $15.4 billion of projects in process and $14.5 billion in its pipeline. It employs 650 professionals in 28 major cities throughout the United States and Europe. The company serves users of and investors in office, industrial/logistics, healthcare, life sciences and mixed-use projects, as well as multi-family residential through its operating subsidiary High Street Residential. For more information visit www.TrammellCrow.com.