$13M Office Condo Project Heats Up in Summer

Scottsdale Ridge, one of the largest office condo projects to be built in the Valley, is set to be constructed on 12 acres at the northeastern corner of Scottsdale and Deer Valley roads and will be comprised of a single, two-story building surrounded by 11 smallersingle-story structures, Steven Bauer, vice president of development for Shea Commercial, tells GlobeSt.com.

"It's a great location," says Bauer, noting the site offers easy access to the Loop 101 freeway and the emerging residential areas in North Scottsdale and Phoenix. Although plans for the site have not yet been finalized, Bauer says he expects construction to commence later this summer with completion set for the end of the year.

The project is one of several office condo developments sprouting up across the Valley in what realtors are calling a hot new niche market. But despite growing interest in office ownership, Bauer says competition between builders remains minimal.

Buyers, however, are scooping up the new offerings at a quick pace. "Typically, by the time we break ground we are usually 50 to 60% sold and by the time we're nearly completed, we're 86 to 90% sold," Bauer says. Given that track record, Shea Commercial expects its Scottsdale Ridge to sell out just as quickly. Last year alone, the firm constructed one million sf of office space and have similar projects underway in Nevada and one planned for Dallas.