Developer Ramps Up Plan for Dual Office Condo Projects

SCOTTSDALE, AZ-After a year of planning, Voit Development Co., one of the West's top office condo developers, is off and running on 4.5 acres for a 47,756-sf spec project and hopes to break ground by year's end on a second development in North Scottsdale.

The Woodland Hills, CA-based Voit is staking its first claim inside the Scottsdale line with the back-to-back developments. Voit project manager Kimberly Almquist tells GlobeSt.com that the city is "one of the strongest markets in the Valley right now."

The four-building Hayden Crossing is rising on one of the last available tracts in the Scottsdale Airpark. The $7.2-million development will deliver in January 2005 at the crossroads of Raintree Drive and Hayden Road. The land was bought for $3.1 million in August 2003 from Public Storage Inc. of Glendale, CA.

Before the year ends, Voit expects to be under way with Raintree Crossing, a 70,000-sf, two-story building at the junction of Northsight Boulevard and Raintree Drive, about two miles northeast of Hayden Crossing and a half mile from Loop 101. Estimated to cost more than $10 million, the Raintree Crossing plan is awaiting a green light from the city.

Hayden Crossing is a quartet of single-story buildings ranging from 8,600 sf to 16,000 sf. Shells are being marketed at $185 per sf with tenant finish-out allowances ranging from $40 per sf to $70 per sf, says Kirsten Lewis, a Phoenix-based broker at Cavan Commercial, who is marketing the product for Voit. "We're targeting homebuilding companies, computer software, law firms--anyone who owns an office," she says.

Voit's vice president Thomas Kimsey has built several office condo developments in the Greater Phoenix area in tandem with Doug Dragoo of Paragon Properties Ltd. In February, they delivered a 50,000-sf second phase to the Desert North Commerce Center in Anthem.