Toll Brothers files plans for new luxury townhomes at Scottsdale mixed-use campus

Toll Brothers files plans for new luxury townhomes at Scottsdale mixed-use campus

By Ron Davis

WOODLEY ARCHITECTURAL GROUP INC. VIA CITY OF SCOTTSDALE DOCUMENTS

Toll Brothers Inc. has submitted an application to the city of Scottsdale to bring luxury townhomes within the Cavasson development.

The project, aptly called Toll at Cavasson, would bring 136 luxury units on an 11.27-acre site to Cavasson, a nearly 135-acre mixed-use development near the northwest corner of Loop 101 and Hayden Road. Cavasson — which features corporate offices, hotels, restaurants and multifamily — is being developed by Nationwide Realty Investors, the real estate arm of Nationwide Mutual Insurance Cos. 

The acreage where Toll at Cavasson would be built is owned by Nationwide.

Toll Brothers (NYSE: TOL) filed its application with the city on July 2. A date for the project to be heard by the city of Scottsdale boards and commissions wasn't known as of July 11. Toll Brothers declined to comment to the Business Journal, saying it was in the process of confirming details.

Sale prices and planned square footage for each of the townhomes were also unknown as of July 11.

According to a project narrative, the residences at Toll at Cavasson will have individual garages and private outdoor living spaces. Toll at Cavasson would have community amenities that include a swimming pool, fire pit and game lawn, a site plan shows. There will be about 54 guest spaces throughout the development for additional parking.

"The proposed residential community will meet the growing need for a broader range of residential housing types in this area and integrating for-sale residential townhomes will continue to diversify the available housing stock in Scottsdale," Toll Brothers wrote in its application.

Toll Brothers looks to be working with Woodley Architectural Group Inc. for the design of the project, according to the application.

Last August, Toll Brothers received approval from Scottsdale's Development Review Board on a new subdivision called Wildcat Hill, which is a planned 122-luxury home community in north Scottsdale. 

Cavasson complex builds up

Nationwide Realty Investors bought roughly 135 acres of land for $83 million in 2018 at an Arizona State Land Department auction. Originally, Nationwide Mutual Insurance was going to take an entire 440,000-square-foot building on that campus but instead decided to take about 60% of it for its 1,300 employees, leaving the other 40% available for other tenants, according to previous Business Journal reporting.

Toll at Cavasson would be located northwest of the existing office buildings on-site, which are already home to employers such as Stealth Partner Group, Wells Fargo, Bar-S Foods, Quantum, U.S. Money Reserve, Transact Campus Inc. and the Major League Baseball Players Association, along with Nationwide Mutual Insurance.

Earlier this year, leases were done for employers to take over about 80,000 square feet at the Cavasson East office building. The largest of those is Osaic, which will be taking 29,000 square feet and moving in later this spring. Osaic, a Phoenix-based wealth management firm, was previously known as Advisor Group and rebranded last June.

With most of the Cavasson East building spoken for, Nationwide said it would turn its attention to leasing an adjacent, newly built office building that's already anchored by Scottsdale-based Meritage Homes Corp.

Cavasson is expected to be worth in excess of $1 billion when completed. As far as spending goes, the development was only about a third of the way to reaching that billion-dollar mark as of May 2023.