Desert Ridge Corporate Center I, which will be located at the northwest corner of Tatum Boulevard and Loop 101, is the first phase of a three-building project, says Todd Holzer, vice president of development in the southwest for the Minneapolis-based developer. The structure will cost about $22 million to develop.
"We think there will be very good demand for this project," Holzer says. "We are already getting strong activity and it hasn't even broken ground yet." Groundbreaking is scheduled for early December. The four-story building is expected to be completed in September 2005.
Bill Blake and Craig Coppola with Phoenix-headquartered Lee & Associates Arizona are pre-leasing the development. According to Holzer, rents will range from $25 per sf to $26 per sf, full service.
RSP Architects Ltd., based in Minneapolis and an office in Phoenix, designed Desert Ridge Corporate Center I. The steel-and-stone structure will be complemented by a three-story parking garage.
Holzer tells GlobeSt.com that 135,000-sf buildings are planned for the second and third phases. "We'll break ground on the other phases based on market demand," he says. Each building will be situated on roughly six acres.
Ryan Cos. also is planning a second medical office building that will be adjacent to Desert Ridge Medical Building I. The developer will likely break ground on the 60,000-sf building during first quarter 2005, Holzer says.
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