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First Phase Breaks Ground for $250M Scottsdale Waterfront

SCOTTSDALE, AZ-Three developers break ground on the first phase of the 1.1-million-sf project. The first phase will include 200,000 sf in a 50-50% split between retail and office space while subsequent stages will add a pair of 13-story condominium towers.

By Jennifer D. Duell | Updated on September 13, 2004

SCOTTSDALE, AZ-After several years of planning, ground has broken on 200,000 sf of office and retail, the first phase to the 1.1-million-sf Scottsdale Waterfront, a $250-million, mixed-use plan in the downtown.

Chicago-based Golub & Co., Austin, TX-based International Development Management and Greenwich, CT-based Starwood Capital are co-developing the 11.3-acre project at the southwest corner of Scottsdale and Camelback roads. The project’s first phase will be a 50-50% split of office and retail space. The second and third phases will add a pair of 13-story condominium towers to round out the 7135 E. Camelback Rd. development.

Jeff Swenson, president of Swenson Realty Group Inc., who is handling the sales and marketing for the project, tells GlobeSt.com that the first phase is a single two-story building that already has commitments from both office and retail tenants. The pre-leasing roster is headlined by the Fiesta Bowl corporate headquarters and museum. National retailers such as PF Chang’s, Sur La Table, Eddie V’s Seafood Grill and Borders Books & Music will join local restaurant Sauce and retailer Waterfront Market. A minimum of $30 per sf is being quoted for the retail space.

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