Old Town Scottsdale is gearing up for a significant change with a recent series of building acquisitions signaling a new era for the district. According to Phoenix Business Journal, developer George Oliver Cos. and Denver-based private equity firm Ascentris, under the entity 7272 Indian School Owner LLC, have invested over $76 million in acquiring six contiguous acres in the area. This move offers a glimpse into what may become a transformative redevelopment project for the community.
The ambitious expansion began with the purchase of a building formerly housing Goldman Sachs at 7272 E. Indian School Road for $42.25 million on December 17. "It’s more square footage than Bond, and Bond was our biggest project to date," partner Charles Jerkovich told Phoenix Business Journal, comparing the site to the company’s previous redevelopment projects. The sale was brokered by JLL's Senior Managing Director Ben Geelan and Senior Director Will Mast, with no representation for George Oliver, despite the size of the deal.
While detailed plans for the site's future have yet to be disclosed, the developer has hinted at maintaining elements of Old Town Scottsdale's aesthetic while bringing fresh offerings to the space. "We’re not talking about reskinning and changing the complete look," Jerkovich explained, signaling a respect for the community's architectural traditions. He stated, "We want to feel like these buildings are a part of Old Town, not just something that got planted there," as per Phoenix Business Journal.
Meanwhile, Scottsdale's city council has advanced the Mercado Village, a previously contested multifamily home development near 92nd Street and Shea Boulevard, where a vacant office building stands. Contrasting the scale and scope of George Oliver's project, this development represents another chapter in Scottsdale's ongoing narrative of growth and renewal. The council's approval underscores a broader pattern of redevelopment, as highlighted by Scottsdale Independent.
The revamp of Old Town Scottsdale's buildings by George Oliver Cos. is rigidly playing a strategic part in reshaping one of the metro's most diversified submarkets. With a completion goal set for the end of 2026, the developer is ready to unveil the plans by the second quarter of 2025. Jerkovich remains optimistic about the project's potential, stating, "I think we just got fortunate that 7272 was going to be up for sale as well," as stated by Scottsdale Independent. The rejuvenation of Old Town's square footage is poised to inject a new vitality while preserving the historic charm that defines the district, showcasing the delicate balance developers aim to achieve against Scottsdale's evolving backdrop.
