Phoenix’s Most Highly Anticipated New Destination Rises in Downtown
PHOENIX, ARIZ. (Nov. 5, 2018) – Construction at Block 23 in Downtown Phoenix is moving at a rapid pace as RED Development’s mixed-use destination, which includes the area’s first grocery store, continues to take shape with completion slated for the end of 2019.
Many know Block 23 as the future home to Fry’s Food Stores’ innovative, urban grocery concept that will be the most technologically advanced grocery store in the state. The development also includes a 230,000 square-foot office building, ground-floor restaurants and retail, approximately 330 apartments by StreetLights Residential and above- and below-grade parking.
Today RED announced its first office tenant, Ernst & Young U.S. LLP (EY), that plans to open a 20,000 square-foot office at Block 23 in late 2019.
Jerry Roberts and Pat Boyle of Cushman & Wakefield’s agency leasing group negotiated the lease on behalf of RED Development. Larry Downey and Brett Thompson of Cushman & Wakefield’s tenant advisory group represented Ernst & Young.
“It’s a great opportunity to be on the top floor of a new building, the first new construction in Downtown in many years,” said Larry Downey.
“There’s an unmistakable energy happening right now in Downtown Phoenix that makes it a prime location for our employees to work and live,” said Ron Butler, Phoenix office managing partner, Ernst & Young LLP. “The Block 23 office building offers our people energizing and efficient workspaces supported by cutting edge technology that enables our people to work fluidly, both in and out of the office. We look forward to continuing to anchor our Arizona office in Phoenix’s thriving downtown core.”
Block 23’s office building boasts the largest floor plates in Downtown Phoenix that average 45,000 rentable square feet and provide the opportunity for large and small users to maximize their occupancy efficiency. The building’s 16-foot, floor-to-ceiling perimeter walls are made entirely of glass, which will allow office tenants, like EY, to enjoy an abundance of natural light. Tenants are encouraged to expose their ceilings and all associated mechanical systems to take advantage of this unique core and shell construction condition.
As of mid-October, RED topped out concrete construction on the five levels of the shared apartment, retail, grocery and office podium. The individual office and apartment tower construction has begun and will move at a much faster pace than the previous floors. The office tower will top out in January of next year and the apartment tower February.
Focused on community, creativity and commerce, Block 23 continues RED Development’s commitment to the urban core of Phoenix and marks CityScape’s expansion to 2nd Street.
About RED Development
A wholly integrated commercial real estate company, RED Development maximizes asset value and performance for its high-quality retail and mixed-use portfolio that comprises 35 properties totaling 19 million square feet in 11 states. For more than 20 years, RED has been a preferred partner for national retailers and investors. The company also works with third-party property owners seeking RED’s expertise in remerchandising and repositioning properties to improve profitability and appeal. A privately held company headquartered in Phoenix, AZ with corporate offices in Dallas and Overland Park, KS, RED builds on its development capabilities as an active acquirer of existing properties. For more information, visit REDDevelopment.com.
Fry’s Food Stores is headquartered in Tolleson, Arizona. The company employs more than 20,000 Arizona residents and operates 123 Fry’s Food Stores throughout the state. Fry’s has been serving Arizonans’ with fresh food at famous low prices since 1960. Fry’s has many employment opportunities. For details about full and part-time opportunities, visit jobs.frysfood.com. Join for a job – stay for a career! For more information about Fry’s or ClickList, visit the company’s web site at www.Frysfood.com. Fry’s is a division of the Kroger Co. (Fry’s also is available on Facebook, Instagram and Twitter.)
About StreetLights Residential
StreetLights Residential specializes in new urbanist apartment homes and mixed-use developments. With in-house development, design, and construction expertise, the StreetLights team focuses on custom luxury communities which rival the experience, lifestyle, and amenities of living in an urban boutique hotel. StreetLights has numerous urban infill projects throughout the country with more than 9,400 multifamily units completed, in progress or projected in 11 cities across six states. Since StreetLights’ inception in 2011, the company has grown to more than 150 employees in its development and construction companies and has offices in Dallas, Austin, Houston; Atlanta; Orlando, Fla; Phoenix; and, San Diego. For more information, visit www.streetlightsres.com
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organization, and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.