Infill deal maker Michael Lieb has brokered a $10.4 million sale that is slated to bring a new housing development to the former car dealership site in south Scottsdale.
Lieb says he’s closing on a $10.4 million deal involving 777 Properties LLC selling 11.2 acres at McDowell Road and 68th Street in Scottsdale.
That LLC is a real estate arm of Earnhardt car dealerships. Chandler-based dealership previously had its Earnhardt Lexus dealership at the Scottsdale site.
K. Hovnanian Homes has plans for a new housing development called Skye on McDowell at the former dealership site.
Site plans show 79 two-story homes are planned in two phases on 8.7 acres.
The Scottsdale City Council approved zoning for the project earlier this year.
Lieb is wrapping up the land sale which is also being done in two phases. The first phase of the sale closed yesterday, Lieb said.
The deal is part of the continued redevelopment of the area near Scottsdale and McDowell roads.
Most of the car dealerships that were located along McDowell are gone. Apartments and new housing developments are replacing them. The ASU SkySong development has also replaced the old Los Arcos Mall at the busy corner.
Dealerships have been located for years at the Hovnanian site. Earnhardt moved its Lexus dealership to Camelback Road and Seventh Street.
Lieb has brokered close to $165 million in infill, adaptive reuse and redevelopment deals in the Phoenix area in recent years.
Mike Sunnucks writes about residential and commercial real estate, government, law, sports business and workplace issues. www.bizjournals.com
