Chicago-based Golub & Co., Austin, TX-based International Development Management and Greenwich, CT-based Starwood Capital are co-developing the 11.3-acre project at the southwest corner of Scottsdale and Camelback roads. The project's first phase will be a 50-50% split of office and retail space. The second and third phases will add a pair of 13-story condominium towers to round out the 7135 E. Camelback Rd. development.

Jeff Swenson, president of Swenson Realty Group Inc., who is handling the sales and marketing for the project, tells GlobeSt.com that the first phase is a single two-story building that already has commitments from both office and retail tenants. The pre-leasing roster is headlined by the Fiesta Bowl corporate headquarters and museum. National retailers such as PF Chang's, Sur La Table, Eddie V's Seafood Grill and Borders Books & Music will join local restaurant Sauce and retailer Waterfront Market. A minimum of $30 per sf is being quoted for the retail space.

Swenson says several contracts are being negotiated for the office space while the condos are in pre-sales. "The demand for the residential condos has been very brisk," Swenson says. "Well over 50% has been reserved already."

The first phase will be finished late next year, Swenson says. Work on the condos will begin early next year.

Scottsdale Waterfront, rising on the banks of a canal, was designed by Solomon Cordwell Buenz & Associates Inc. of Chicago. The Southwest division of the Des Moines-based Weitz Co. is the general contractor. Bret Sassenberg is the project manager.

Instant Insights /

First Phase Breaks Ground for $250M Scottsdale Waterfront

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