Shea Starts $20M Office Condo Project

Shea started construction with presales at the 80% mark. Chauncey Ranch is rising at 18325 N. 70th St. near the proposed one-million-sf Westcor Mall. The condos, ranging from 1,767 sf to 10,426 sf, are being marketed at $275 per sf.

Shea Commercial president Jim Riggs says the potential buyers aren't any different from than the target market for the developer's other office condominiums in Scottsdale. "We look at targeting small businesses and professionals, small businesses that need space from between 2,000 to 20,000 sf," he tells GlobeSt.com. With a location near the Mayo Clinic and future Scottsdale Healthcare Thompson Peak, Riggs says Chauncey Ranch also could appeal to physicians and medical professionals.

Chanucey Ranch's condo buyers have been a mix of all types of businesses, including a bank, law firm and real estate company. "The average size is about 4,000 sf," Riggs adds.

Chauncey Ranch is in a fast-growing area that is attracting retail and office development. Shea Commercial is handling presales for a project designed by Phoenix-based DFD Cornoyer Hedrick. Caviness Construction is the general contractor.

Shea Commercial is marking its third condo development in the area. It's also completed the 136,000-sf Scottsdale Ridge at 21819 N. Scottsdale Rd. and 71,000-sf Scottsdale Waterfront at 7135 E. Camelback Rd.