NBA/WNBA Private Training Facility and Boutique Hotel Among High-Profile Tenants
Phoenix, Ariz. – RED Development is now underway with plans to develop a $300 million mixed-use destination on the northwest corner of 44th Street and Camelback Road, one of the most high-profile intersections in the Valley. The project will include a private NBA/WNBA training facility, boutique hotel, Class AA office buildings, self-storage facility and high-end shopping and dining.
The Phoenix Suns and Phoenix Mercury have begun construction on a 50,000 square foot state-of-the-art private practice facility. Designed as the teams’ training sanctuary, the facility will feature the latest innovations in sports science designed to elevate sustainable high performance as well as a wide array of new medical and physical therapy amenities and coach and medical team offices.
The property will be comprised of new buildings, including a four-story Class-AA office building with ground-floor retail and restaurants; a five-story Class-AA office building; a two-story medical office building, a two-story self-storage facility; a three-story covered parking structure; and a five-story boutique hotel designed, owned and operated by Sam Fox Hospitality Group with approximately 100 rooms, a rooftop lounge and other amenities.
“The corner of 44th Street and Camelback Road is one of the most exciting pieces of real estate in the state, and we believe this proposed project is worthy of its iconic location,” said Mike Ebert, managing partner at RED. “Between RED, Sam Fox and the Phoenix Suns and Phoenix Mercury, this development is being thoughtfully designed by local companies with proven track records for building extraordinary developments and being good stewards of our community. Our vision is for this to be a point of pride for East Phoenix neighborhoods.”
The extensive revitalization of the nearly 18-acre site will bring a high-quality, mixed-use development to the area with ample surface and structure parking, enhanced landscaping and a welcoming pedestrian experience with open space and shaded walkways.
The project proposed by RED is a significant upgrade to the plans that were approved in 2011. That project, which remains fully entitled, calls for almost one million square feet of four-story office buildings across the property. RED’s plan would represent a reduction of over 40% in traffic and 30% in density compared to the approved 2011 plans.
“I’m dedicated to helping curate a corner so long overlooked in our community,” said Sam Fox. “To be a part of RED Development’s comprehensive development project including the Phoenix Suns and the Mercury, where the vision plays on the greatest strengths of Phoenix and Arcadia, is exciting for a local guy like me. I’m excited to lend my attention to detail, contributing to a quality project for a neighborhood I love.”
RED’s rezoning plans, which were submitted to the City of Phoenix earlier this year, are also expected to correct the property’s higher-than-average vacancy rates and lower-than-average rents by creating a more attractive project for tenants and the community. Further upgrades to the site include adorning all entry plazas, patio spaces and retail buildings with landscaping, lighting and paving that enhances wayfinding and softens the architecture while creating attractive spaces. Construction is expected to begin summer 2020.
“Camelback Corridor is well recognized as a premier address for businesses. RED’s complete redevelopment of the site at 44th Street and Camelback is a catalyst project that will continue the prestige of a Camelback address,” said Christine Mackay, director, Phoenix community and economic development. “Being the first new Class AA office campus in 20 years, and combining it with the unique attraction of the Phoenix Suns practice facility, we see this as a significant attraction and continued vitalization of this business neighborhood. With the Sam Fox boutique hotel, it is an outstanding addition to the Biltmore-Arcadia area.”
“I’ve lived and worked in the Arcadia area for nearly 30 years and I am in full support of the proposed redevelopment at 44th and Camelback,” said Robert Joffe, a prominent Valley Realtor and principal of The Joffe Group. “This corner has been neglected for far too long. I have complete faith that RED Development will do what is right for the neighborhood by delivering a much-needed facelift to that property. Having another high-quality gathering spot will only enhance the enviable style of living that Arcadia offers, which in turn will positively affect home values. I think this is a big win for the neighborhood.”
About RED Development
A wholly integrated commercial real estate company, RED Development is a mixed-use developer that maximizes asset value and performance for its mixed-use portfolio and high-quality retail properties that total 35 properties with over 19 million square feet in 11 states. Most notably, RED is the developer behind CityScape, the first vertically integrated mixed-use project in downtown Phoenix, AZ, and most recently, The Union Dallas in Uptown Dallas, TX, which brought the first urban grocery store to Dallas and won D CEO’s 2019 award for Best Mixed-Use Project. For more than 20 years, RED has been a preferred partner for class AA office tenants, 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. RED is a privately held company headquartered at CityScape and with a corporate office in Overland Park, KS. RED builds on its development capabilities as an active acquirer of existing properties. For more information, visit REDDevelopment.com.