Aspen Place

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"We're focusing on the retail first as that's the amenity thatwill make this work," says Donald Meyers, founder and president ofPhoenix-based Aspen Group. He says the retail side of the projectat Butler and Lone Tree Roads will take 24 to 36 months to buildout and lease up. The project, though, is ready to launch with75,000 sf of the component already committed, he tellsGlobeSt.com.

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The anchor is New Frontiers Natural Marketplace, which is takingdown 24,000 sf. Chico's and Wildflower Bread Co. also are on boardwith signed leases. The quoted rates are $30 sf to $32 per sf, withterms ranging from five years to 20 years.

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On the residential end, the Aspen Group has decided to startselling lots to developers in late 2008. The decision was pendingin November 2006 when GlobeSt.com published its first article aboutthe mixed-use development.

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Meyers acknowledges the permitting process took a little longerthan hoped. He says Aspen Group's original plans were to beginconstruction during the first quarter. But otherwise, Meyers sayshe's pleased with how the project has come together.

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"This has been a great partnership with the City of Flagstaff,"he adds. "They've been great to work with. There's nothing likethis in the area."

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