Stephen Vazza, development executive for Vazza Co., the first phase will consist of 140,000 sf of flex product and 25,000 sf of boutique retail. He says the preliminary site plan is working through the approval process right now. The goal is to begin construction within six months.
"I don't have a crystal ball in terms of overall development, but we're anticipating a four-year total build-out," Vazza tells GlobeSt.com. The park is planned as spec right now, but he says he'd certainly entertain build-to-suit offers.
Vazza will develop the office and condominium components. But, the hotel parcel most likely will be sold to a hospitality developer, he adds.
"I think the big key to this is they're doing a Scottsdale-quality development in the Deer Valley submarket," says Darren Tappen, associate vice president with Colliers International Inc.'s Scottsdale office, who helped Vazza obtain the land from Deer Namwest LLC of Phoenix. "There aren't a lot of pieces left in the Deer Valley submarket, certainly for class A office."
The Colliers team included founding partner Jim Keeley and senior vice president Bob Lundstedt. Meanwhile, Colliers' senior vice president Phil Breidenbach and senior associate Lindsey Carlson will be preleasing the office component. Cushman & Wakefield of Arizona Inc.'s director Pat Harlan and senior director Steve Sayre will be leasing the flex component. Lamb Architects of Scottsdale is the architect of record.
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