Maravilla Construction Begins in September 2010

Maravilla Scottsdale, a luxury retirement community that has been delayed, is completing work on its underground garage and plans to start its main building by mid-September.

The 217-unit community is on about 25 acres adjacent to the Fairmont Scottsdale Princess resort northeast of Scottsdale Road and Frank Lloyd Wright Boulevard.

The Senior Resource Group LLC plans to complete Maravilla by March 2012, said Michael Grust, president and chief executive of the Solana Beach, Calif., company.

A delay in the project should allow for some recovery of the real-estate market before it opens, he said.

Maravilla Scottsdale , which surfaced more than two years ago, is among four large luxury retirement communities in the Northeast Valley that have hit the housing market at a difficult time.

That includes Arté, at 114th Street and Via Linda, and Sagewood, southwest of Loop 101 and Tatum Boulevard. Both opened earlier this year.

Vi at Silverstone, originally called Classic Residences at Silverstone, is scheduled to open September 7. The $195 million project of 270 independent-living units is on 32 acres southeast of Pinnacle Peak and Scottsdale roads on the former Rawhide theme park site.

Maravilla, Vi at Silverstone and Sagewood are all classified as “continuum of care” retirement communities. Residents, generally in their 80s and older, stay in independent- and assisted-living apartments or memory-care units for residents with dementia.

Vi at Silverstone will have 24 beds in a skilled-nursing center.

All of the luxury retirement communities have resortlike amenities, including pools and spas, fitness rooms, restaurants and small movie theaters.

Source: AZCenteal

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