COBE, Glenwood Break Ground on $25M MXD

COBE Development and Glenwood Development Co. are putting a retail and office condo project on 10 acres at the corner of Camelback Road and Loop 101. Work is getting under way with the condo component already 50% sold and an anchor, Fitness Works Gym, for the 53,000 sf of retail space.

A spokesman for COBE Development tells GlobeSt.com that the prices for the condominiums range from $230 per sf to $260 per sf. The goal is to be sold out by the time the project goes live in the middle of 2008. He says that the condominium side will be completed in one phase and the retail, which is being developed by Glenwood, will come in two phases, with the first being the gym. Glenwood already has commitments from a couple restaurants and Bank of Arizona for a pad site.

"The whole process, from buying the land last year to entitlements, was fast and took about 12 months," the spokesman says. "I think what helped was that there was no review process we had to work out with the city."

COBE and Glenwood undertook its first project, the 54,000-sf office Carmel Professional Plaza and 79,900-sf retail Carmel Village Plaza at Gilbert and Queen Creek roads in Chandler in fall 2006. The partnership has two more projects on the boards, with more likely to come in the future.

Moosavi Design Group of Scottsdale, AZ designed Camelback 101. Its general contractor is Farnsworth Construction Co. of Mesa. Borodkin Construction LLC of Tucson will build the retail component. COBE and Glenwood are handling office condo sales and retail leasing, respectively.