A 14-story luxury apartment tower is taking shape at the southwest corner of North Scottsdale Road and Bell Road, where the border between north Phoenix and Scottsdale runs along the Central Arizona Project canal. The project, called IKONIC Scottsdale, will bring 245 rental units along with a rooftop pool, a golf simulator, and a private event space to a stretch of the Loop 101 corridor that's drawing growing multifamily and mixed-use interest.
Who's Building It and How It's Financed
The tower is being developed by Scottsdale-based The Hampton Group, according to The Arizona Republic, whose reporter Shawn Raymundo detailed the project's permitting history and amenity list. Greystone, a New York-based commercial real estate finance company, announced in June that it helped Hampton secure $141 million in construction financing, according to the newspaper's reporting. That financing lines up with details reported by Connect CRE, which described the loan as including a senior mortgage from Bank OZK and a mezzanine loan from Related Fund Management.
Hampton purchased the nearly 3-acre development site for more than $12 million in December 2021, a transaction reported per Vizzda and cited in the Republic's account. The Phoenix Business Journal similarly reported the land was purchased for more than $12 million in 2021. Phoenix approved Hampton's site plan in March 2023 and issued building permits for the project in May, according to the Republic's reporting.
Rooftop Perks and Unit Layouts
Designed by Gensler and built by Gilbane Building Co., per Connect CRE's reporting, IKONIC Scottsdale will offer a mix of one-, two- and three-bedroom units averaging approximately 1,062 square feet. Planned amenities extend well beyond the basics: a rooftop pool and spa, a rooftop game room, a rooftop golf simulator, private rooftop event space, a fitness center, a co-working lounge, and a coffee and beverage bar are all on the list, the newspaper reported.
Inside the units, residents can expect quartz countertops, stainless steel appliances, in-unit washers and dryers, wine refrigerators, and private balconies with panoramic views of Scottsdale, according to the Republic's reporting. Parking will be spread across three levels, including two below ground, per public records with the city of Phoenix cited in that coverage.
A Corridor Already Drawing Developer Attention
IKONIC Scottsdale isn't the only large apartment project eyeing this stretch of Bell and Scottsdale roads. Fifield Companies has proposed a separate 302-unit community called Residences at Scottsdale Crossing on roughly 4.3 gross acres nearby, according to AZBEX. That proposal calls for 20 studios, 179 one-bedroom, 99 two-bedroom and four three-bedroom apartments, the trade publication reported. AZBEX has also described Phoenix as embracing dense development in high-traffic areas around major arterials like Bell and Scottsdale roads.
The Hampton Group's own project listings describe IKONIC as a 245-unit luxury mid-rise with groundbreaking coming soon. AZBEX also noted that filings after 2023 included a name change and a reduction in planned units from 255 to 245. Hampton expects IKONIC Scottsdale to open by 2028, the Republic reported, with the financing Hampton secured enabling it to break ground on the tower.
