PNC Real Estate Finances Construction of Award-Winning Green Community

A Distinguished Building Honor Award from the American Institute of Architects in October 2016 is the most recent recognition of Optima Sonoran Village’s innovative aesthetics and green building design. PNC Real Estate provided a $70.3 million construction loan for Phase II of the community.

Optima Sonoran Village is the pilot project for the City of Scottsdale’s newly adopted International Green Construction Code (IgCC). An alternative to LEED certification, the IgCC includes sustainability measures for the entire construction project and its site — from design through construction, certificate of occupancy and beyond. The new code is expected to make buildings more efficient, reduce waste and have a positive impact on health, safety and community welfare, according to the organization.

The project is the brainchild of David Hovey & Associates Architect, Inc. The firm’s devotion to environmental design has resulted in strikingly original buildings with vegetated open space terraces and courtyards that provide an immediate connection to nature. The earth-tone color palette replicates blooming desert plants. A gravity-powered irrigation system keeps the vertical components green while minimizing water and energy usage.

Community amenities were constructed as part of Phase I and include a state-of-the-art 19,000 square foot fitness center, lap pool and hot tub, indoor basketball and racquetball courts, clubroom and party room with catering kitchen, outdoor pool, barbecue areas and a dog park. Phase II includes an additional outdoor pool and spa, two additional courtyard areas and water features.

Residential kitchens feature granite countertops and stainless steel appliances along with designer cabinets. Private terraces, walk-in closets, full-sized washers and dryers and floor-to-ceiling windows complete the luxurious interiors.

The green building design is estimated to save more than $54,000 in annual utility costs and reduce daily water usage by 4,512 gallons, among other benefits.

Over the years, PNC Real Estate has provided financing for several of the sponsor’s other projects, including Optima Camelview Village, Optima Chicago Center I & II and Optima Kierland Center. Founder and CEO David Hovey is an internationally known architect, as is son and Co-President David Hovey, Jr. Daughter Tara is Co-President, while wife Eileen is the Director of Sales and Marketing.

“PNC Real Estate shared our excitement about the unique environmental design of Optima Sonoran Village and our faith that the Scottsdale market was ready for the level of aesthetics and amenities that the community provides,” said Co-President David Hovey, Jr.

Location: Scottsdale, Arizona
Financing Type:
Construction loan
Financing Amount:
$70.3 million
Scope:
500 units, plus underground parking

Important Legal Disclosures and Information