New Direction at Compass Center

PHOENIX-Another developer will take its chances at building a large office project on the southwest corner of the Hohokam Freeway and University Boulevard in the suburb of Tempe.

JVT Asset Management of Kansas City, MO, has announced plans to build a large office complex on the site. Jim Watkins, a broker in the local office of Lee & Associates, says the project—Compass Center—could have as many as four phases. Construction could start in January.

The proposal by JVT is the third development plan for the site in five years. Newport Beach, CA-based Koll Development had control of the land but didn’t get a big enough lease deal to launch it. More recently, Opus West had plans for 450,000 sf of office space at the spot near Sky Harbor International Airport.