David Krumwiede, regional vice president for Dallas-based Lincoln Property Co., tells GlobeSt.com that the ground-breaking is set for early next year, but the team already is working with enough prospects to pre-lease about 50% of the $8-million office project. He says he expects the building will be fully leased by the time construction is completed in late 2004. "In North Scottsdale, the vacancy is extremely low so the submarket for offices is very healthy," Krumwiede says of the intense interest in the Chaparral Road and Loop 101 project.

Lincoln is developing the building in partnership with Salt River DEVCO, an enterprise of the Salt River Pima-Maricopa Indian Community which holds the land lease on the property. "Lincoln and Salt River DEVCO have been working closely for a year, planning development along the corridor," Krumwiede says. "Given the success of the four buildings within the park, we foresee a prosperous future for Chaparral Business Center and the 101 Corridor."

Designed by DFD/CH Architects and constructed by hardison/downey, both Phoenix-based firms, the single-story building will be made of masonry perimeter wall similar to the other buildings, but with a color palette and design features for a slightly different look. Krumweide says the architect is drawing up plans for the structure and is considering the construction of a "green" building that would be environmentally friendly.

Leasing of the property will be handled by Jim Fijan and Jerry Roberts, both with CB Richard Ellis Inc.'s Phoenix office. Lincoln will manage the asset.