The renovation of Old Town Scottsdale continues.

As one moderate-sized mixed-use development – 54 apartments/condos plus retail space – charges ahead, a massive development five times as large is preparing its case.

The beast of the latest batch is 5th and Goldwater, clearing its throat to make a big pitch to the Development Review Board.

Based at Indian School Road and Goldwater Boulevard and stretching north to Fifth Avenue, 5th and Goldwater will be asking permission to build 232 apartment/condos in a five-story building.

The first floor is pegged for retail/restaurant space.

David Megdal of Old Town Waterfront LLC bought the 5-acre site for $36 million two years ago.

The site is the home of six 1970s-era buildings – which will be demolished to make way for the new project, if the plan is approved.

The project is one block east of Magnolia Waterside at Old Town, a smaller development on East Indian School Road, bordered by Fifth Avenue and the Arizona Canal.

According to real estate tracker Vizzda, Cross Development put down $6.6 million in cash to buy the prime lot from Magnolia Property Company.

It was a nice “buy and hold,” as four years ago, Magnolia Property Company bought the land from Shawn Yari’s Stockdale Capital for $4 million.

Texas-based Cross Development boasts of developing more than 600 projects totaling 6 million square feet.

The plan for 1 acre here in Old Town is a four-story building with 54 units as well as commercial space.

Magnolia Waterside plans 67 parking spaces.

Cross Development also secured $18.6 million in financing, likely for the development.

A block from under-construction Magnolia Waterside, a developer will request permission to build 232 apartments and more in a project called 5th and Goldwater.

The project is approved and moving forward.

Magnolia Property paid a little more than $64,000 for a city building permit issued in March.

According to its Development Review Board application, Magnolia Waterside is “consistent with numerous city goals and policies, including the Old Town Scottsdale Character plan and associated design guidelines.”

The developer pledges the project “will provide a welcoming pedestrian environment for Old Town residents and patrons walking along 5th Avenue and Indian School Road.”

Providing shade and sidewalks, “The project creates a strong anchor for the corner given its unique location between 5th Avenue and 68th Street along Indian School Road.

“The development strengthens and extends the walkability of the neighborhood surrounded by a variety of retail, live/work, resort, residential and entertainment businesses within close proximity to the gallery district.”

According to the city, the site was annexed into Scottsdale 65 years ago. “No zoning activity has occurred for the site since the original annexation; however, the site was tied to a zoning case from 2007 that included relocation of an electrical substation to this site.”

Magnolia Waterside would be located on East Indian School Road, bordered by Fifth Avenue and the Arizona Canal.

The long road to rezoning began with an open house five-plus years ago at neighboring Hotel Valley Ho.

In 2023, Magnolia Waterside received unanimous approval from the Development Review board – though board members Doug Craig and Ali Fakih did not vote on the project, as they are connected to it.

There are plenty of other new developments in Old Town.

Less than 1 mile apart, workers are putting the finishing touches on two big hotels: The Kimsey’s AC Hotel near Indian School and Scottsdale roads and the Remi Hotel – originally to be called the Maya Hotel – in the Entertainment District.

The Kimsey hotel anchors a mixed-use project at the former Howard Johnson motel on Indian School Road.

According to the developer’s website, “PEG’s Scottsdale Apartments & AC Hotel development consists of an 169-unit Class A multifamily apartment community with a 168-key AC Hotel by Marriott.”

There is also sprawling retail and restaurant space here, according to commercial real estate website Loop.net : “The project integrates the historic Kimsey Building, blending Scottsdale’s rich history with modern luxury.”

The hotel hopes to be taking guests in early 2026.

Across Indian School Road, a project called the Artisan received approvals from City Council and the Development Review Board – but construction has not started on the 80-units-plus-retail project.

“At First Avenue and Marshall,” attorney John Berry promised three years ago, “we will turn a barren corner into a spectacular and meaningful public open space of our Old Town.”