The developers have carved out five acres for three spec condos and set aside the balance of the Mohawk Drive site near the junction of Loop 101 and Cave Creek Road for three build-to-suit lots. The three spec buildings, totaling 64,000 sf, will be designed with condos ranging from 1,800 sf to 2,000 sf. The condo space will come to market at $125 per sf and build-to-suit lots at $13 per sf, says Bob Dieniger, a principal with Shea Commercial who's partnering with colleague Ron Akridge to market the project.
Dieniger tells GlobeSt.com that commitments are in hand for 6,000 sf. The buildings will have common-area truck wells, private secured yards and 2.5:1,000 parking.
"There's a lot of demand in this market," Dieniger says, adding that Shea's nearby Happy Valley Commerce Center has only two industrial lots left out of 12 and only two condos left out of 13. "Users like Mohawk because of its access to Loop 101, which allows them to get anywhere in town," he says. Shea purchased the land for $5.75 per sf from its development partner, Brighton Land Development.
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