33725 North Scottsdale Road, Suite 130
Scottsdale, AZ 85266
Corcoran Report
NE Corner of Carefree Hwy & Cave Creek Road actively marketed for mixed-use development
Posted On: March 13th, 2019 8:28PM
The last undeveloped corner of the busy intersection is being actively marketed by its owner, Empire Residential Communities.
In March 2017 Empire paid $ 6.5 million for several parcels of land on the corner comprising roughly twenty-two acres.
Roughly half that acreage is currently planned for mixed use development which could include restaurant, retail and/or office space.
The subject parcel which is in the Town of Carefree is triangular with both Carefree Highway and Cave Creek Road frontage.
The Empire team, recognizing the significant buying opportunity created by the foreclosure crisis, was one of the first large-scale buyers of distressed homes in Phoenix. Between mid-2009 and early 2013, the Empire Residential Opportunity Funds raised over $125 MM and purchased over 1500 single-family foreclosures and short sales. These homes were transformed into single-family rentals
