Vazza Eyes $100M Mixed-Use for 45-Acre Tract

GILBERT, AZ-A New England developer has grabbed his second project site in the metro, spending $27.7 million to acquire 45.47 acres for the 400,000-sf San Tan Square at Spectrum. Work will begin in late 2007 on the first phase of the estimated $100-million, mixed-use project.

Stephen Vazza, development executive for the Canton, MA-based Vazza Co., says the first phase will put 100,000 sf of office condo development and 100,000 sf of retail at the intersection of Val Vista and Williams Field roads. “We haven’t determined the percentage of condo versus lease,” he says.

Vazza has formed a joint venture with Bank of America subsidiary, Trisail Capital Corp., for the development, which will be situated about a half-mile west of the San Tan Freeway. He says the second phase will depend on how well the initial phase does in the market. The first phase delivers in third quarter 2008.

Vazza had been eying the land for a couple years after Aspen Highlands Holdings LLC in nearby Scottsdale bought it. “The seller had it for at least a year, maybe longer, and was going to go forward and develop it,” John Werstler, senior vice president with CB Richard Ellis in Phoenix, tells GlobeSt.com. “He’d annexed the property, zoned it and was ready to move forward, but then Steve Vazza stepped forward and offered to buy it.”

Vazza says San Tan Square at Spectrum is being developed simultaneously with North Valley Corporate Center. And, he’s looking for more land in the area. “San Tan is a great location in a dynamic market,” he emphasizes. “It’s a growing area and one of the best markets, which is why I picked it.”

Bill Douglas with the Upland Group in Tempe is handling retail leasing. Still to be decided is the office broker and general contractor. Lamb Architects Inc. of Scottsdale designed San Tan Square. National City Bank of Ohio issued senior debt for the project.

Teaming with Werstler to represent the buyer was CBRE first vice president Jerry McCormick. Jack Wilson, senior vice president of Phoenix-based Grubb & Ellis