$400M Riverwalk Arizona Expanding

SCOTTSDALE, AZ-Two speculative, class A office buildings, totaling 162,882 sf, have every indication that they will be 100% leased before their first-quarter 2007 delivery. With the first phase of the $400-million, 1.5-million-sf Riverwalk Arizona so well received, the developers are eyeing the start of phase two.

Chicago-based Alter Group and the Salt River Pima-Maricopa Community are co-developing the 187-acre, mixed-use project. The estimated $32-million first phase is seating a three-story, 98,864-sf building at 7500 N. Dobson Rd. and 64,018-sf structure, also three stories, at 7580 N. Dobson Rd.

According to Kurt Rosene, senior vice president for the Alter Group, both buildings have generated enough interest and activity to warrant an early 2007 groundbreaking for the second phase although there are no signed, sealed or delivered deals in hand for the first roll-out of class A space. “We’re already planning a second phase of this to stay ahead of the situation,” he says. “We’ll get these finished, then start with the new buildings right behind them.”