Arizona Real Estate
Real Estate

New to Arizona Real Estate Market: 6 projects you need to know in the Valley

(Source: AZBigMedia) – The Arizona Real Estate Market is busy. There are a lot of cranes operating in Arizona as developers pursue new projects that are creating a more diverse state. Here are six projects that were recently finished or broke ground in Arizona.

The Watermark | Tempe

The Watermark

  • DEVELOPER: Fenix Development
  • GENERAL CONTRACTOR: Okland Construction
  • ARCHITECT: Nelson Partners
  • BROKERAGE: Cushman & Wakefield
  • LOCATION: SWC of Scottsdale Road & Loop 202, Tempe
  • SIZE: 1.9 MSF
  • VALUE: $135M
  • START: June 2017
  • COMPLETION: (Phase 1) Fall 2018

If you think Tempe is a college town still, developments like this are telling a different story. Construction is underway for this mixed-use development, The Watermark | Tempe, along the north bank of Tempe Town Lake. This project will include 255,000 square feet of Class A office space, 44,000 square feet of high-end restaurant and boutique space and 360 luxury apartments. A hotel will be included on the site as well. Land for a high-rise residential tower was recently sold for $14.7 million at the development site.

Central and Willetta

A rendering of the planned project at Central and Willetta.

  • DEVELOPER: Ryan Companies U.S., Inc.; Tilton Development Company
  • GENERAL CONTRACTOR: Ryan Companies U.S., Inc.
  • ARCHITECT: Studio Meng Strazzara
  • LOCATION: Central Avenue & Willetta Street, Phoenix
  • SIZE: 293,000 SF
  • START: June 2017
  • COMPLETION: September 2018

This multifamily development will be The Burton Barr Central Library and the Phoenix Art Museum’s latest neighbor in an area that has seen a rise in developments and investment. This development will have four stories of residential apartments over two levels of parking. There will be five two-story town homes and two creative office suites developed here as well. This project is located right next to a Light Rail Station on Central Avenue in Central Phoenix.

Crismon Gateway Village

Crimson Gateway Village

  • DEVELOPER: FWD Partners
  • GENERAL CONTRACTOR: Venn Construction (formerly RJM Construction)
  • ARCHITECT: Architekton
  • BROKERAGE: SVN Desert Commercial Advisors
  • LOCATION: Crismon & Baseline roads, Mesa
  • SIZE: 22,500 SF retail; 25,000 SF office; 128-unit multifamily
  • VALUE: $26M
  • START: May 2017
  • COMPLETION: Q4 2017

Live, work, eat, shop, relax. What more could you want? The luxuries on the Valley’s centralized locations will be brought to East Mesa with this mixed-use development. It is focused on what everyone wants these days, bringing all of life’s necessities to one roof as an experience you won’t forget.

MVP Storage Scottsdale

MVP Storage Scottsdale

  • DEVELOPER: Monolith Capital Group
  • GENERAL CONTRACTOR: Zzone Construction
  • ARCHITECT: Andrews Design Group
  • BROKERAGE: Cohen Financial
  • LOCATION: 1650 N. Pima Rd., Scottsdale
  • SIZE: 126,700 SF
  • VALUE: $15.6M
  • START: May 2017
  • COMPLETION: Early 2018

Self-storage facilities have become hot assets as Baby Boomer’s empty their nests and opt for smaller, more centralized living conditions. This Scottsdale self-storage project features drive-through access. MVP Scottsdale is also located near the growing south Scottsdale area, which has been thriving as SkySong, The ASU Scottsdale Innovation, continues to successfully grow.

Turbo Resources

Turbo Resources rendering

  • GENERAL CONTRACTOR: Layton Construction Company
  • ARCHITECT: McCall & Associates Architects
  • LOCATION: 2615 N. Arizona Ave., Chandler
  • SIZE: 253,000 SF
  • START: June 2017
  • COMPLETION: Q1 2018

The new corporate headquarters for the aeronautical parts company, Turbo Resources, will include both office and warehouse space on site. The company will be able to continue to grow at the new site, while adding work amenities and keeping the firm’s business on site.

Cave Creek 101

Cave Creek 101

  • DEVELOPER: Greenwood & McKenzie
  • GENERAL CONTRACTOR: Sun State Builders
  • ARCHITECT: Winton Architects
  • BROKERAGE: Lee & Associates
  • LOCATION: 2950 E. Mohawk Ln., Phoenix
  • SIZE: 54,430 SF
  • VALUE: $5.25M
  • START: Fall 2016
  • COMPLETION: May 2017

Sun State Builders recently finished construction on this industrial facility, which boasts sought after freeway frontage. The facility has multiple bay sizes for tenant flexibility, 24-foot clear height, a gated concrete truck yard and spec office space for tenants.