Hot New Projects Slated for Greater Phoenix / Valley
An impressive array of new real estate developments are underway in Scottsdale, Tempe, Douglas Ranch and Peoria.
Riverwalk Arizona, a huge 187-acre commercial center for business and retail, is under construction in Scottsdale and scheduled to open in Summer 2005. The $400 million / 2,000,000 square-foot mixed use development represents the nation's single largest project on Native American land. It will feature an artificial river, while generating 15,000 new jobs. A recent East Valley Tribune article states:
"It's almost a microview of the Salt River Community, how the whole community developed around the Salt River as a water source, said Kurt Rosene, The Alter Group's senior vice president of national development. It will be a wonderful parklike environment for people to walk along and take breaks."
The business park will include the 142,000 square-foot Arizona Design Center and restaurants, while several hotel chains and national corporations have expressed interest in setting up Arizona operations within the Riverwalk development.
In Tempe, the Centerpoint project will feature two 22-story glass towers housing 700 condominiums. Pre-sales will begin in March, 2005, and construction will run through 2006. Condos, based upon 23 different floor plans, will be priced from $180,000 to $2 million. Said Ken Losch of developer Avenue Communities:
"This is really a true urban design. We're marrying the services of a hotel and the ownership of a condominium together."
In Douglas Ranch, developer El Dorado Holdings has purchased a 50 percent share in the massive Douglas Ranch Project. Douglas Ranch, a 34,000-acre project 25 miles northeast of downtown Buckeye, is Arizona's largest planned development. It is currently zoned for 71,000 homes, 12,000 apartments and seven golf courses. The plan also sets aside several hundred acres for retail, office and industrial space. When finished, the project has the potential to accommodate 250,000 residents, 12 high schools, 25 elementary schools and 22 golf courses. At least 22 percent of the land will remain open for trails and parks.
In Peoria, the City Council has approved the rezoning of the 359-acre Camino a Lago South for the development of 1,433 detached single family homes in the city's northwest sector. Open space, including pocket parks with playing fields, shade armadas and barbeque areas will encompass 11 percent of the development.
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