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Freeway Opening Spurs 88,000-sf Office Project

PHOENIX-The approaching completion of a freeway interchange has spurred the development of an 88,000-sf office project in north Phoenix.

By D.J. Burrough | Updated on November 01, 2000

PHOENIX-A Massachusetts-based developer hasclosed on a parcel in north Phoenix near the soon-to-be completed Loop 101 and plans to build a 88,000-sf office building there.

Orsett Properties Ltd. of Wellesley, MA, purchased a 5.7-acre parcel at the southwest corner of 7th Street and the Loop 101 in north Phoenix for $1.73 million. The company plans to begin construction in the first quarter of 2001 on the Pima Corporate Center, a two-story office project. Completion is scheduled for the third-quarter. Development costs on the building are projected at $9 million.

Loop 101, which runs east/west through north Phoenix and Scottsdale and north/south along the eastern edge of Scottsdale, has attracted more and more office development as sections have opened or have neared opening. The section of the Loop 101 that will connect to Interstate 17 to Cave Creek Road, which is east of 7th Street, is scheduled to be open by April 2001.

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