Overall, more than $11 billion has been invested in development along the Valley’s light-rail line during its first decade, creating 50 million square feet of housing, office, shopping, hotel, school and government space, according to light rail’s manager Valley Metro.
The 200,000-square-foot Wexford Science and Technology building is an important step in ASU’s expansion of its research footprint in downtown Phoenix and facilitating the growth of private sector investment in bioscience and health technology, said Morgan Olsen, executive vice president, treasurer and CFO of ASU.
Development estimated to create upwards of $60B in economic impact at buildout. A 37,000-acre master-planned community in the West Valley that will include 119,000 homes and 59 million square feet of commercial and retail space. He estimates the project will cost $8 billion to $10 billion to develop over the next 25 years and become home to 300,000 residents.
In addition to the long-anticipated grocery store, Block 23 will boast a 17-story apartment tower called the Ryan. It will feature 332 units, and pre-leasing will begin this summer with the first move-ins in the fall, said Tom Bakewell, president of Dallas-based StreetLights Residential, which is behind the residential component of Block 23.
Caesars Entertainment Corp. (Nasdaq: CZR), one of the world’s largest casino and resort companies, is looking to open its first non-gaming hotel in the United States in Scottsdale next to Macerich Co.’s Scottsdale Fashion Square.
The 11-story, glass-hotel – to be known as Caesars Republic Scottsdale – will feature 266 rooms and is planned to be built at the intersection of Goldwater Boulevard and Highland Avenue right next to the mall and across the street from the new Ocean 44 restaurant on Macerich property.
Construction is expected to begin in the second half of 2019, with an opening scheduled for 2021. Total development costs were not disclosed.
Roosevelt Row’s largest office building will get a new life as a creative office and mixed-use project.
True North Studio, which is based in the Roosevelt Row arts district, bought the 1001 North Central building for $15.25 million, according to real estate database Vizzda. The building formerly housed the Maricopa County Environmental Services and Air Quality Departments, Cavco Homes and other tenants.
Sunbelt Investment Holdings Inc. is planning to build two business parks totaling 1.8 million square feet on some prime chunks of land in Phoenix.
The two developments will cost about $240 million to build, and the San Diego developer will pay those costs in cash.
The company is so active in metro Phoenix that it intends to open a satellite office in midtown Phoenix next year, said Todd Holzer, president of Sunbelt Investment, who splits his time between California and Arizona.
A 15-acre mixed-use project on tribal land near Scottsdale has received $11.5 million in equity investment to fund development. The project, dubbed The Edge, is planned for Loop 101 and 90th Street on the Salt River Pima-Maricopa Indian Community.
Dan Lupien, principal of Palmer Development Group, the developer of the project, said the project, which will include a four-story office building totaling 210,000 square feet, plus 35,000 square feet of freestanding restaurant and retail space, will cost about $70 million to develop.
Construction has begun on the first phase of a $57 million mixed-use development in downtown Chandler.
The project, called New Square, will be built in two phases. The first phase will include 50,000 square feet of office space, a 110-room Hilton Garden Inn and 9,000 square feet of restaurant space, said developer Spike Lawrence of Spike Lawrence Ventures. The second phase will include 140,000 square feet of office space. The project will be built at Arizona Avenue and Chicago Street.
Construction has started on a $26 million hotel in downtown Phoenix’s Roosevelt Row Arts District.
The developers of the seven-story, 127-room upscale hotel said the property will include a ground-floor cafe, restaurant and a rooftop pool with cabanas and bar. The project is expected to be completed in late 2019.
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