The Weitz Co.'s Southwest Division recently broke ground on the site, the largest remaining parcel in the Camelback Corridor, with construction on the eight-acre parcel slated to be completed by October. "It's a very high-traffic corner for retail in that part of Phoenix," Clay Wells, business development manager for the Weitz Co. tells GlobeSt.com. "It's a prime opportunity for retailers who don't have exposure in that part of the city."

The site was previously owned by Marriott Corp. which had planned to construct a Residence Inn and a Springfield Suites at that location. The hotel giant sold the land to Orix Alliant for $10 million in December in one of the highest priced land deals in the Valley when Marriott scuttled its plans after the Sept. 11 terrorist attacks created a sharp downturn in the economy.

The new shopping plaza, designed by Phoenix-based architects DFD CornoyerHedrick, has already signed at least two tenants, including the Mexican Restaurant Chipotle and a coffee shop known as Coffee, Tea & Bean. Wells said the owners currently are negotiating with a bank to construct a branch office on the property. Plans for the site also call for a 33,249-sf Circuit City electronics store and a 14,375-sf Eckerd drug store to anchor the shopping plaza. The project is a joint venture between Chicago-based Orix Real Estate Equities and Avalliant Partners.