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PHOENIX BUSINESS JOURNAL
June 15, 2023
BedBrock Developers has sold its $30M "crown jewel" of its Crown Canyon luxury community in Paradise Valley.
The Paradise Valley luxury developer sold the 5.41-acre vacant parcel — dubbed Amethyst — for $4 million and will build an 18,000-square-foot home on the property, which will be valued at more than $30 million upon completion, said Rich Brock, founder of BedBrock Developers.
"We're finalizing the design," Brock said. "The client will make some alterations on the existing design."
Silje Garner of BedBrock Real Estate Co. is co-listing Crown Canyon with Kirk Linehan and Chris Morrison of Scottsdale-based Retsy, which was selected by Forbes Global Properties to join its exclusive network in September 2021.
Fred Dougherty of HomeSmart represented the buyer, who owns several homes, including in Paradise Valley.
When Dougherty first heard about Crown Canyon about a year ago, he sent the information to his client, who he would not disclose.
"It's at the top of the hill," Dougherty said. "It's an amazing lot. He likes being involved with the architect. There was a lot of sharing. We had about 10 meetings before we pulled the trigger."
At first, Dougherty's client was looking at some of the other lots within Crown Canyon, where BedBrock will build luxury spec homes.
"Then at the end of the day, he just decided why not build a custom home," Dougherty said. "It will take a little bit longer, but it's going to be amazing."
His client is tweaking the original conceptual design of the home to include more concrete walls, steel and glass.
"It's very, very modern — minimalistic modern — with super high-end finishes," he said.
Tucked away in the middle of the Phoenix Mountain Preserve near 40th Street and Lincoln Drive, Crown Canyon is surrounded by mountain peaks. Each lot is therefore named after a jewel, Brock said.
Plans for Amethyst lot
Amethyst sits at the highest point of the 30-acre Crown Canyon gated luxury community. BedBrock teamed up with Stratton Architects on the conceptual design of the home, allowing 270-degree views of Camelback Mountain, downtown city lights and Piestewa Peak.
Amethyst is one of three custom home sites at Crown Canyon.
Another custom home site called Quartz closed in April for $3.5 million, Garner said.
The buyer, Jim Keating, said he wants his 19,000-square-foot home to include an indoor skating rink for his four children, all under the age of 10.
Keating, who is retired after owning a commercial insurance brokerage firm, said he expects the home will be completed in late 2025 — hopefully before Christmas.
The family will continue to live in their Arcadia home until their new home is ready.
Keating also had been looking at another lot within Crown Canyon, but wanted city light views.
"When Rich invited me to walk lot 5 with him, we went up and it immediately struck me that this is it," Keating said. "We had beautiful views of the canyon — views to the east and views to the west. And what I loved as much is the fact that the backyard is the mountain."
The three-level home is slated to have six bedrooms and 7.5 bathrooms, Keating said.
"That may grow slightly," he said.
The downstairs area includes the garages, kids play area and hockey rink, while the main level includes the common area of kitchen, dining room and living room. The third level will be the primary bedroom and office, he said.
"I grew up in the Midwest with a lot of room to roam," Keating said. "What I love about this is the kids' backyard is the entire preserve. The private trail into the preserve is going to be remarkable. I appreciate the fact you have the peace and quiet and serenity of being away from the city, yet you're right in the middle of it. It's the best of both worlds."
Brock said two of the three custom lots have sold, as well as Onyx, a spec home lot.
Two spec homes are under construction, and he plans to pull three more permits by August.
"We'll have five under construction this year," he said. "The two that just sold won't break ground until next year."
He also plans to buy one of those lots for himself, but said he's not exactly sure which one he will keep.
"The luxury market is the strongest I've ever seen it," Brock said. "Even the last two years, which have been amazingly strong, I've never seen it like this. There's so much demand for the high-end homes right now."