Maravilla – Scottsdale Luxury Retirement Community
Luxury retirement community set for north Scottsdale, an article from the East Valley Tribune, reports that according to Katherine Hutton, Scottsdale’s economic vitality department director, demand for luxury projects is rising as the population ages. Hutton said, "You’re dealing with a generation that over time has amassed more wealth than any other generation before them."
More developers have been calling and showing interest in that market segment in recent years, she added. Maravilla is scheduled to open in early 2011 and will feature a mixture of 350 independent living residences and 60 assisted living and memory care units. According to city statistics, Scottsdale has 41,000 people who are 65 or older – approximately 17% of the city’s population. Maravilla executive director Tim Cowen said the initial entry cost will likely range from a little less than $300,000 to more than $800,000, with units ranging in size from about 900 square feet to nearly 2,100 square feet.