CHANDLER, AZ-In a first-time joint venture, COBE Development and Glenwood Development Co. of Mesa have broken ground on a $28-million retail and office condo project. Completion is planned for summer 2007.
The 54,000-sf office component, Carmel Professional Plaza, is 100% sold out and the 79,900-sf Carmel Village Plaza is close to being fully preleased. The office component has a $13-million development price tag and the shopping center is a $15-million project. The two are going up on nearly 20 acres at the intersection of Gilbert and Queen Creek roads.
"There's been a tremendous amount of residential growth around this area and that's spurring office and retail growth," says Steve Beck, principal of COBE Development. "This is adjacent to the Chandler Airpark where numerous developments are going in. The whole area will eventually be a high-profile, commercial and light industrial market."
Though COBE and Glenwood Development have done several projects separately in the area for years, the companies opted to join forces on the Carmel developments to match synergies. "The retail provides for a lot of amenities for the office-end user and the office provides a good customer base for the retailers," Beck tells GlobeSt.com. "We ended up with a good symbiotic relationship with Glenwood. This mixed-use development is working out very well."
The partnership is working out so well, a second development is in the works at Camelback Road and Loop 101. The projects, dubbed Camelback 101 Professional Plaza and Camelback 101 Village Plaza, will break ground in February 2007. Beck expects the office condo component will be sold out by January 2007.
COBE and Glenwood have other potential projects on the drawing board as well. "We'll be ready to make announcements soon on those," Beck says.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.