Earlier this year, Koll closed on the parcel in the Perimeter Center, an office park at the corner of Bell Road and Loop 101. The Phoenix-based developer paid $12 a square foot for the land.
The project is working its way through the building permit process and is scheduled to see construction activity by November 1, says Kevin Schuck, vice president of development for Koll. "We just think the timing is right for not only this product, but for our specific project," he says.
The complex, called Koll Perimeter Center, will consist of two, 105,000-sf office buildings separated by a landscaped open area. The buildings are schedule to be ready for occupancy by August 2001.
The two-story buildings will have large floor plates of 52,500-sf, something office users are looking for in the north Scottsdale area, Schuck says. The complex will also abundant parking, five spaces for every 1,000-sf. Development cost of the project is $30 million, including the acquisition of the land.
"We are really high on what the Loop 101 does for the Valley," says Dominic Petrucci, intermountain division president of Koll Development Company. "We have bet heavily on the dynamic it creates."
The Loop 101 freeway will connect north Scottsdale to the rest of the Valley. A north/south section of the freeway has already been open, and an east/west section is expected to be fully completed by 2002.
Butler Design Group designed the Koll Perimeter Center, and hardison/downey has been selected as the general contractor. CB Richard Ellis is the listing agent on the project.
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