TEMPE, AZ-Less than two months after closing on 4.4 acres, University Square Investors LLC has penciled a January 2007 groundbreaking for its 1.5-million-sf, mixed-use development. If the schedule is held, the $500-million University Square will be complete in early 2009.
Development plans call for a 240,000-sf office tower with speculative space and office condominiums; condo hotel tower with 225 rooms; a residential tower; and retail space. "We have five uses that are compatible for this site," Jim Riggs, managing member of University Square Investors, says about the University Drive tract just east of Mill Avenue. "It's a vibrant spot in Downtown Tempe near the university and light rail. It's an awesome location for urban living."
Riggs tells GlobeSt.com that, while marketing on the project hasn't officially started, he and his partners have received significant interest. On the retail side, inquiries have come from high-end restaurants and national retailers. "They love the college town-type feel and like the idea of the streetscape," he says.
University Square Investors LLC is a partnership between Scottsdale-based Shea Commercial, 3W Cos. of Memphis and the Westwood, CA-headquartered Triyar Cos. LLC. "We've done three deals with each of them in the past three years so we have a lot going on together," Riggs says.
Shea Commercial is overseeing leasing and condominium sales. DFD CornoyerHedrick of Phoenix is the project architect. The general contractor has yet to be decided. Stearns Bank of Scottsdale provided acquisition and development financing.
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