The office development, dubbed North Scottsdale Corporate Center, will cost about $32 million. The first phase is a 140,000-sf, four-story building, which is scheduled to break ground in April and deliver in early 2006. Second-phase work could begin this year on a twin.

Opus West has optioned eight acres from West Ranch Land Co. for a third phase, Jim Fijan, executive vice president of CB Richard Ellis Inc., tells GlobeSt.com. The third phase could be another office building or office condos, he says. After brokering the land sale, Fijan and Jerry Roberts also secured the task of preleasing the first two office buildings, which will be marketed at $25 per sf.

According to Fijan, West Ranch Land Co. is a partnership comprised of the Chauncey family and former Westcor Development executives. The partnership originally owned 160 acres the intersection, but has slowly been selling off parcels. Some land now houses apartments and an auto mall while other parcels are under contract to a retail developer and vehicle dealership, according to Fijan.