Superstition Springs Inc., comprised of a group of European investors, sold the land to KW School LLC. Phoenix consultant Sharon Miller tells GlobeSt.com that a $12.5-million, 30-year, tax-exempt bond underwritten by AG Edwards' Denver office was established in order to finalize the deal. Pima County Industrial Development Authority issued the bond. Miller, also a member of the Noah Webster school board, helped arrange the financing package.
Superstition Springs Inc. owned the site for about 12 years before selling to the school, according to George Long of Colliers International's Phoenix office, who represented the seller. Larry Cohen of Fulton Andrew in Phoenix represented the KW School.
Cohen characterizes Superstition Springs as a strong submarket located close to the US Highway 60 Superstition Freeway and less than a mile from the Superstition-Red Mountain Highway-Interstate 10 connection. Noah Webster, a program for kindergarten through grade six students, will relocate 1.5 miles from a Baseline Road location once construction is completed on six, possibly seven, block buildings on the south side of Baseline between Sossaman Road and Superstition Springs Boulevard. Orcutt/Winslow Partners of Phoenix is the project architect. Move-in is slated for November.
"We were trying to find something close to our current location in order to retain most of our clientele," says Kelly Wade, director of Noah Webster. "Right now we're in modular buildings so the block construction design is definitely going to be a plus."
The school's site plan calls for several classroom buildings as well as an administration building and multi-purpose center. Extra acreage is reserved for future construction of a media center and Title 1 special education building, Wade says.
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