A company formed by the Shemer family of Phoenix plans to build a three-story, 85,000-sf office building at the southeast corner of Bell Road and Loop 101. Construction is schedule to begin in April on the fully speculative project.
In the past year, Loop 101 has opened, conveniently linking north Scottsdale to the rest of metropolitan Phoenix for the first time. Loop 101 runs north and south along the eastern edge of Scottsdale, and then turns west and links up with Interstate 17 in north Phoenix. The final section of the loop is expected to be in place by 2004.
As sections of the Loop 101 have opened, new office and industrial projects have quickly followed in its path.
The Shemer family has owned the six-acre parcel for more than 20 years. D.R. Mattson Inc. of Scottsdale will serve as development consultant, and the Phoenix office of CB Richard Ellis has the leasing assignment.
The building is expected to be ready for occupancy by January 2002. Real estate analysts estimate development costs on the project at more than $13 million.
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