"We're rockin' and rollin' with this thing," Jim Riggs, a principal with owner Shea Commercial, tells GlobeSt.com, referring to the first phase of the three-phase Ironwood Square development, which broke ground just last month. The construction marks the largest single-office condo project the Valley has ever seen, with about 160,000 sf in two phases rising in overlapping building stages, Riggs said.
Riggs said Ironwood Square's location between 92nd and 96th streets, across from Scottsdale Healthcare North Hospital, is a prime draw for medical office investors who have already grabbed up 51,000 sf of shell space, making the 96,000-sf, $12-million Phase I more than half sold out. Also, realtor Keller-Williams has already signed on for half of one building as did Great Southwest Mortgage.
The 16-building first phase, which has structures ranging from 1,500 sf to 10,000 sf, has generated so much interest that it is expected to be entirely sold out by May, Riggs said.
The first phase of construction is scheduled to wrap up by August. And, construction on Phase II is not far behind. Work on the second phase should begin within the next three months. A third phase, which encompasses the sale of half-acre to 1 1/2-acre parcels, priced at $16 per sf to $17.50 per sf, will allow buyers to develop their own buildings at the site.
The 30-acre parcel on which Ironwood Square is being built, was purchased from Denali National Trust. The project, designed by architect Cornoyer-Hedrick of Phoenix is a development of Ironwood Square Investors, a group comprised of Riggs, Don Zeleznak and Jonathon Vento.
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