“You can’t be late until you show up.”
Eric Jay Toll Reporter-Phoenix Business Journal – Mar 11, 2015, 12:01am MST
Lincoln Property Co. has inked a deal with Salt River Project for the final phase of a 3.2 million-square-foot mixed-use development in Tempe.
The Grand at Papago Center will include seven new mid-rise towers with 1.8 million square feet of Class A office space. The project is the final phase of the 3.2-million-square-foot complex between Center Parkway, Priest Drive, Washington Street and Loop 202 in Tempe.
The Grand at Papago Center is in the design phase and looking at an early 2016 groundbreaking.
Designed by Kendle Design Collaborative and HKS, the buildings will be constructed by general contractor J.E.Dunn.
Salt River Project retains ownership of the land over the life of the project, as it does with remaining the other buildings in the Papago Park Center area. Lincoln is taking 60 acres for its phase.
“We have two light rail stops and two freeway interchanges from the 202,” saidDave Krumwiede, executive vice president and Southwest regional manager for Lincoln.
SRP Development Manager Mitch Rosenhad expected that Papago Grand would be a live-work-play environment with hotels, apartments and retail development, but Krumwiede says Lincoln is focused on the office development.
“We’ve got the amenities with our location, and there could be other uses, but right now the demand is for offices,” he said.
The zoning and development plan for Papago Center still has entitlements for 800 apartments and two 600-room hotels. Those may be future additions now.
The Grand at Papago Center is part of the projected 20 million square feet of office and mixed-use development that will fill the lake micro-market over the next decade.
“Market activity is great, and we wanted to take advantage of conditions with this project,” said Krumwiede. “The market can absorb all of these projects building out over time. This is an ideal location, and with the rerouted Grand Canal, we offer tenants a beautiful water amenity.”
He said that the occupancy rate in the Tempe submarket is over 95 percent. “It’s even higher for Class A space,” he added.
One project has fallen by the wayside. The 2.1 million square feet proposed for Trendex Exchange was to move forward with a land deal between a Hong Kong-based development group and the city of Tempe. Several missed payment deadlines resulted in a dead deal.
Across the lake east of Sun Devil Stadium, Catellus is in the planning stages of the 330-acre Arizona State University eco-village to fund its Athletic Facilities District. Early projections call for a mixed-use development with around 10 million square feet of office and retail space.
Across the river from Papago Grand, Liberty Center at Rio Salado is filling its office space with 1.4 million square feet under construction in two phases.
Eric covers economic development, banking and finance, infrastructure, transportation and utilities.
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