Prospective buyers already signed letters of intent for nearly 50,000 sf with project developer W Development of Tempe, a division of Vistoso Partners LLC, Bill Douglass, president of Tempe-based Upland Group Inc., tells GlobeSt.com. In a "for sale" and "for lease" strategy, keys will turn for individual suites or entire buildings.
Spectrum Falls will be located inside the 1,470-acre Spectrum at Val Vista master-planned community. Its 31 buildings will range from 1,200 sf to 15,000 sf. An 18,000-sf custom-designed structure has been earmarked for a family practice group.
"It's such a great time to own with historically low rates, the majority of interest is coming from user/purchasers," Douglass says. While final construction costs are still being determined, he says the single-story, garden-style shells could run from $175 per sf to $195 per sf. Once escrow closes, a buyer will have 90 days for interior build-out, which could range from $45 per sf to $95 per sf.
Spectrum Falls most likely will be developed in three phases. The first 100,000 sf will be ready to go by summer 2005 and demand thereafter setting the development pace, Douglass says. The park's amenities include waterfalls, tower elements and heavy landscaping.
The site, formerly zoned for multifamily development, sits on the southwest corner of Williamsfield Road and Val Vista Drive. "This property is a half mile from the new Gilbert Mercy Hospital and 202 freeway. That in itself is creating a majority of the demand," Douglass says.
The Gilbert Planning and Zoning Commission recently rezoned the property to allow office condo construction. Lamb and Associates of Scottsdale is the project architect, with Douglass and Rick Ridberg, also with Upland., serving as sales and leasing agents for the project.
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