Sedona, Arizona ( TechRadars ) – The biggest real estate deal in Sedona in recent years came in the shape of a brand new hotel.
Sedona-based real estate company Real Estate Management (REMS) has purchased a 2.7-acre site near the airport for $9.7 million.
The project is the result of the Sedona Economic Development Partnership’s successful $2 billion investment in a large parcel near the international terminal.REMS has purchased the 3.1-acre property from former Mayor Bob Chivers, who left office in February 2018.
Chivers, a Republican, led the group which brought the project to life, which included the purchase of the adjacent parcel for $4.8 million in March 2017.
Real Estate Management said it’s expecting the project will bring up to $7 million a year in revenue for the area.
The land, known as the Chivers parcel, is owned by the local county and the federal government.
It’s located just west of the airport’s international terminal, which is currently owned by a group of private investors, including REMS.
The group has not disclosed a target for the parcel.
The property has a total of 12 buildings and will be divided into five phases, according to a statement released by REMS on Thursday.
The first phase is set to be completed in early 2020.
The second phase is expected to be finished by late 2020.
That phase is scheduled to include the building of a large apartment complex, which will be built to accommodate up to 100 residents, according the statement.
A third phase is being planned, with an estimated total of up to 160 apartments.
That portion is expected for completion in 2021, and the remaining buildings in Phase 3 are expected to open by 2021.
A fourth phase is slated to begin construction in 2021.
The project will include a new residential project and will include hotel rooms, apartments and parking, the statement said.
Sydney, AustraliaReal Estate Manager Paul Smith said the company’s new location and scale will allow the company to serve the greater Sedona area.
He said the new project is a testament to the strength of Sedona and the impact it has had in Sedna.
Smith said it will also create thousands of construction jobs.