"We've got a lot of interest from people looking for a campus-type site," Curtis Brown, a partner with Ross Brown Partners in Phoenix, tells GlobeSt.com. Tomorrow's groundbreaking revs up $8 million to $10 million of infrastructure work for the estimated $75-million first phase of development.
Brown says park planners have backed off from an earlier plan to include a retail component because they could not reach an agreement with one of the landowners for a 23-acre carve-out. The acreage could still come into the fold down the road, but will not be included in the initial development, he adds.
Pima Center's first commercial construction will consist of 250,000 sf of office space to be developed by Phoenix-based Opus West Corp. The 23-acre component will contain 100,000 sf of small garden-office buildings and 150,000 sf of large-bay suburban office space. Brown says office development breaks ground in the fall so doors can open to tenants in spring 2005. Shortly after work begins on the office component, crews will start priming a 50-acre tract for 240,000 sf of general distribution development and 80,000 sf of small-bay flex space.
Located at the intersection of Pima Road, Via de Ventura and Loop 101, Pima Center is a collaboration among some 202 tribal landowners and MainSpring Capital Group, a partnership that includes principals from Ross Brown Partners, which is marketing the development. MainSpring joint ventured with San Francisco-based Farollon Capital in August 2003 to sign a 65-year lease with the landowners.
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