Developer of Luxury ‘Live/Work’ Community in North Scottsdale to Add More Homes

Article originally posted on Phoenix Business Journal on April 15, 2019

The developer of the first live/work community in north Scottsdale has seen such a positive reaction to the initial phase of her high-end project that she’s embarking on the second phase of construction.

Total development costs for the entire 74-unit project is about $35 million, said Irene Catsibris Clary, founder and president of Catclar Investments Inc.

The first phase includes 18 townhomes and 10 lofts, with half already sold, she said. The townhomes’ prices range between $495,000 and $550,000 for properties between 2,300 and 3,100 square feet. The lofts range between 2,300 and 4,000 square feet and are priced from $675,000 to $1.5 million.

Clary is now beginning Phase II, which will include 10 townhomes around the community pool. They will be priced higher, starting about $750,000 to more than $1 million and from 2,345 square feet to 3,000 square feet, Clary said.

General contractor Adanac Construction is set to go out to bid on subcontractors, she said.

Architect is Bing Hu, one of Arizona’s most sought-after architects, she said.

Clary said she heard Hu was expensive, and during her initial call to him, she said she wouldn’t be able to afford his fees.

“He said, ‘Come and meet me,'” she said. “The rest is history, and we have become very good friends.”

Clary calls her live-work community SOHO Scottsdale, which stands for Small Office Home Office, where homeowners can work out of their homes. The office features a large glass door that functions like a garage door, moving up into the ceiling with a touch of a button.

“You have the front door but you also have the loading door that opens up and your first level is zoned commercial,” she said. “Some entrepreneurs are working out of their units and running their own business.”

The units include smart home features that can be operated on a cellphone.

“You can be halfway across the world and be able to look in on the home, adjust the climate to however you want,” Clary said. “You can be coming back from the airport and put the heat up or turn on the AC. It’s all green-certified by the city of Scottsdale.”

Plans call for developing retail space on the site, which will include a restaurant, physical therapy/fitness studio and perhaps a coffee shop, she said.

Clary founded Catclar in 2003 after spending many years in the real estate business in Toronto until the Canadian entrepreneur moved to the Phoenix area in 2000.

With eight employees, Clary said she likes to do projects unlike anything anyone has seen in the Valley.

“We want our products to withstand the test of time and be a quality-build project that lasts for a very long time,” she said.