Scottsdale-based developer secures $141M for 14-story luxury tower Article originally posted on Phoenix Business Journal on June 5, 2026 Scottsdale-based The Hampton Group secured $141 million in construction financing for the ground-up development of IKONIC Scottsdale — a 14-story, 245-unit ultra-luxury apartment tower. An affiliate of the development and corporate consulting firm purchased the north Scottsdale-area site for $12.25 million in December 2021, per Maricopa County records. The tower is slated to open in 2028. The luxury residences are located at 16640 North Scottsdale Road at the intersection of North Scottsdale Road and Bell Road — adjacent to The Promenade. The property has a Scottsdale mailing address but is within Phoenix city limits, said Kristen Landry with the city of Phoenix Planning & Development Services department. IKONIC Scottsdale will feature a mix of one-, two-, and three-bedrooms. Units will average roughly 1,062 square feet and include quartz countertops, stainless steel appliances, wine refrigerators, in-unit washers and dryers, and expansive private balconies with panoramic views of the McDowell Mountains. The property will have 24/7 concierge, resort-style rooftop pool and spa, state-of-the-art fitness center, co-working lounge and dramatic double-height lobby. The Hampton Group, which also develops senior living facilities and owns and operates all its projects, is working with Rhode Island-based Gilbane Building Company for the construction and San Francisco-headquartered Gensler for the design. Gensler has offices in Phoenix and is the architect on record for two of Phoenix area’s largest construction projects including ASM North America Headquarters and R&D Center (No. 3), a global supplier of semiconductor wafer processing equipment with a $400,000,000 budget; and The Monroe (No. 19), a luxury urban senior living community with a $82,756,362 budget. Both are located in Scottsdale. An application for awnings, shade structures and canopies was submitted by Gensler and approved with stipulations, according to the city of Phoenix website. Additionally, two water and sewage permits were issued on May 18 and June 1 for the project. Multifaceted financing for the multifamily project New York-based Greystone, a national commercial real estate finance company, announced on June 3 that it helped arrange the financing for the multifamily residential complex. The financing consists of a senior mortgage provided by Arkansas-headquartered Bank OZK and a mezzanine loan from New York City-based Related Fund Management, according to Greystone. Find Complete Article Here: https://www.bizjournals.com/phoenix/news/2026/06/05/hampton-group-141-milllion-dollar-luxury-tower.html?cx_testId=131&cx_testVariant=cx_undefined&cx_artPos=2#cxrecs_s