Modus Development
modus development, llc acquires and develops sites in the Metropolitan Phoenix area that are underutilized in their current state, where development further enhances land value and improves quality of life for those who work or live on it. We actively seek infill sites for multi-family and mixed-use projects as well as conversion of apartments to condominiums.
modus acquired two contiguous sites in the Phoenix Biltmore area and is now in the pre-construction phase of development for eight modern detached residences. This project, The Galleries at Turney, is being designed by the talented and innovative [merz]project architecture and urban design firm and sets the standard for high quality, modern design.
modus recently purchased two sites in Scottsdale: Array, located at Hayden and Oak; and Minnezona Project, near Camelback and Scottsdale Roads. Array will consist of 11 moderately priced, three-story modern town homes, while Minnezona Project is slated for six high-end condominiums and will feature private elevators and wraparound decks on most of the units. Prior to these projects, modus acquired a prime site in the heart of Scottsdale’s downtown arts district to build a mixed-use project consisting of an art gallery with three residential condominiums above. It sold before completion for a profit in excess of 100 percent.
Each property represents a unique opportunities to construct multi-family residential or mixed-use developments that transform the built identity of the Phoenix metro area.
In a time when Phoenix is continually expanding outward, there is a new movement to live in downtown urban districts where workplace proximity, pedestrian interaction, and cultural intensity create fulfilling daily lifestyles. Urban infill projects within these downtown core districts have multiple advantages when compared to typical suburban development. For example, with existing comparable building prices sometimes immediately next door, it is much easier to establish a project proforma, and firm construction pricing and sales points.
Furthermore, urban infill lots usually exist within zoning overlays that allow for minimized parking requirements (which provide greater building footprints), minimized setbacks, increased FAR values, less building height restrictions, and more mixed-use flexibility. These variables put together also push building designs to be more inventive in diagrammatic and building detail levels – adding to the perceived value of the building project.
In the end, urban infill projects are easier to cost analyze during project development, more efficient in design and use, and often more profitable due to less restrictive zoning requirements.
The Galleries at Turney
