Like many other players in the residential construction industry in 2007, Modus Development had plans for a project that no longer aligned with market conditions. But in this case deteriorating market conditions ended up transforming the project rather than killing it.

The Arizona Republic recently published a feature on the Phoenix developer’s plans for Vivendi Apartments, a three-story 42-unit building in Scottsdale that originally had been designed as a condominium complex. If permitting proceeds as hoped for the current plan – which features smaller units (900 to 1,500 sq. ft.), more community space, and a recycling center for residents – construction could begin by the end of the year. Modus is investing $8 million in the project, according to the article. 

Meeting demand

“So many people have been displaced from their homes and condos since the market crash and the recession began,” Ed Gorman, president of Modus Development, told the paper. “There is a huge market of people that want to have quality housing that is sustainable and located within the city, but they can’t afford the high prices of previous condo projects.”

In fact, Vivendi is hardly Modus’ first advance into rental construction in Scottsdale: the company expects to begin construction this fall on a seven-unit complex, called Project Modus Zero. This development, in the downtown area, is billed as a green construction project that is expected to match or exceed the standards Modus adopted for a condominium project called Galleries at Turney. Completed in early 2008, Galleries at Turney was among the first residential projects in Arizona to qualify for certification through LEED for Homes. 

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