Paragon West, with managing member Doug Dragoo, plans to build Troon Estancia, a mixed-use development that will have 40,000 sf of office space, 50,000 sf of retail and a resort-type residential component. The will be built on 18 acres between the Estancia Golf Club and Troon North Pinnacle Golf Course, two of the most opulent golf clubs in the state.
"It's right in the heart of one of the wealthiest areas in the nation," Dragoo told GlobeSt.com. "There is a lot of bucks up in that part of the world."
The homes that surround the two golf courses are among the most expensive in the Valley, with lots going for as much as $1 million.
Paragon West purchased the 18-acre parcel for $6.39 million in August from a company formed by Doug Simonson of Pinnacle Peak Realty Inc. of Scottsdale. The lot is south of Dynamite Road, just past the entrance to Estancia Gold Club and about a quarter- mile east of Alma School Road.
Construction could begin as early as May, Dragoo says, with completion expected approximately a year later. The office component will be offered as for-sale office condominiums, with spaces ranging from 800 sf to 8,000 sf. About 30 percent of the office space has been pre-sold, Dragoo says. Pricing is expected to be more than $200 a square foot.
The retail portion includes pads for freestanding shops, which will be leased along with the shop space. A portion of the retail space has been pre-leased, although Dragoo declined to identify the tenants.
Earlier this year, Paragon West sold out of an office condo project called One Carefree. The 27,000-sf office condo was developed in Carefree near Tom Darlington Drive and Sidewinder Road.
Dragoo says he's looking for equity partners to develop the project.
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