X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more about Real Estate Media’s Green Initiative, please click here.)

TUCSON-Vestar Development Co. has jump-started construction on the first phase of the $120-million, 115-acre Oro Valley Marketplace. The 750,000-sf “green project” with retail, restaurant and entertainment space is scheduled to open in fall 2008.

The project’s anchors are Best Buy Inc., Linens ‘N Things Inc. and Cost Plus Inc. Phoenix-based Vestar’s team is optimistic that the development, rising at Tangerine and Oracles roads, will be 100% leased by the opening. If market demand is hardy enough, the 60,000-sf second phase could break ground in the next few months. “The second phase is a lifestyle district with specialty shops you’d typically find in a mall, like Chico’s, Coldwater Creek, White House/Black Market and similar types of tenants,” says David Malin, project director with Vestar, which is preleasing the project.

The Oro Valley Marketplace project has been designed with “green” features. The developer has dedicated 77 acres as open space adjacent to the retail component. Malin tells GlobeSt.com that before the 1950s, the land once boasted heavy vegetation and wildlife, but is now farmland. “We’ll recreate the habitat that was originally there,” he says. “Also in the middle of our project, we’re dedicating 7.5 acres of open space that will be heavily landscaped.”

In keeping with the environmentally friendly theme, the buildings’ roofs will hold water-harvesting equipment to collect rainwater for landscape irrigation purposes. Surrounding the retail development will be a hiking and biking path.

Malin acknowledges that going green on the project ups development costs nearly 40%, but he believes the extra expense is worth it to help it blend into the surrounding area. “We’re going above just talking about a green project to doing it,” he adds.

The project architect is Burlini/Silberschlag Ltd. in Tucson. Foursite Construction of Phoenix is the construction manager. A general contractor hasn’t been selected. Construction financing has been provided by JPMorgan Chase & Co. in New York City.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.