October 6, 2014
OliverMcMillan Breaks Ground on SALT
PHOENIX—OliverMcMillan, a boutique real estate developer, has broken ground on SALT, a four-story, 265-unit, class A apartment community in Tempe.
Eric Buchanan, managing director with OliverMcMillan, tells GlobeSt.com, “We acquired the property from Sunbelt Holdings a few years ago and never had any intention of selling the project—it was always contemplated as apartments. Tempe’s original master plan called for two more condo towers. Waterftont property in the Valley is limited and unique and this area offers that true live/work/play lifestyle with walkability. Were excited about the revamp of Sun Devil Stadium and the streetcar which will run from Mill to the Cub’s facility. With the design, we tried to do something that hasn’t been done before—you’ll see a lot of blues and greens to complement the waterfront.”
The development will feature studio, 1, 2, and 3 bedroom living spaces. Residents will have boutique resort style amenities with two pools, spa, yoga lawn, poolside cabanas, multiple outdoor barbeque areas, lush landscaping, and direct frontage on Tempe Town Lake. The community also includes a large gym complete with cardio equipment, free weights and resistance training equipment, a media room, and a spacious social room. SALT (formerly the [email protected] Ferry) is slated to open in early 2016.
“We created a modern, multi-family community that offers easy transition between indoor and outdoor living, drawing inspiration and vital energy from both environments," says Morgan Dene Oliver, CEO of OliverMcMillan. "The location near Mill Avenue and Tempe Town Lake inspired the multi-faceted idea of SALT, our take on contemporary elemental living that we think will be very enjoyable for residents."
The 3.7 acre project site is part of the Hayden Ferry Lakeside mixed-use Master Plan which includes residential, retail, hotel and office uses. The site is nearby to Arizona State University Campus and the Mill Avenue Entertainment District. It is next door to the new State Farm campus currently under construction.
Buchanan says the project will cost between $50 and $60 million to complete.
OliverMcMillan’s development team members include Amstar as equity partner, Comerica serving as the construction lender, and Adolfson & Peterson Construction serving as general contractor.
Link to original article here.