Southbridge II property in Old Town Scottsdale sells for $38M
PHOENIX – Ownership of about 4½ acres in Old Town Scottsdale recently changed hands, opening a new chapter for the property known as Southbridge II.
A group led by the founding partners of developer Creation RE purchased the land from the Unger family for $38 million, according to a press release.
The sale covers a three-site cluster south of the Arizona Canal between Goldwater Boulevard and Scottsdale Road.
Phoenix-based Creation partnered with real estate companies Crescent Commercial and FCP on the deal.
The Ungers had previous plans to use the property for a multi-use development as a sequel to their nearby Southbridge project, which opened in 2007.
But local property owners repealed Southbridge II zoning approvals through a referendum drive.
“We fully understand the sensitivities and dynamics of these properties and this neighborhood,” Creation co-founder Bob Agahi said in the release. “That’s why our capital and approach will be a patient one.”
Agahi said the ownership group would start out by getting input from city officials and community groups.
Whatever the project turns out to be, LGE Design Build will design it with Perkins+Will as the architect. LGE Design Build is owned by Creation co-founder David Sellers.
Creation’s previous work includes projects in the downtown areas of Gilbert and Chandler as well as in north Scottsdale.
“It was very important to me and my family’s legacy to find the right custodians for these signature properties,” Carter Unger, who has been leading the family’s real estate operations since the 2018 death of his father, Fred, said in the release. “We believe we have found those people.”