GLIMCHER BREAKS GROUND ON BLOCK M at SCOTTSDALE QUARTER
Glimcher Realty Trust has broken ground on Block M at Scottsdale Quarter, a six-story, ±170,000 SF Class-A, mixed-use building in Scottsdale’s acclaimed shopping mecca . Located at the southeast corner of the high-end lifestyle center, the new tower will feature premier office space, above ground-floor retail plus an additional parking garage for both tenants and visitors. The tower is expected to be completed in the summer of 2015.
Glimcher has selected IBEX Construction of New York City as the general contractor for the new building. American Girl has inked a lease for 12,000 square feet of anchor space, which will be their first store in the state of Arizona.
“We are extremely pleased to continue development of phase three at Scottsdale Quarter with the groundbreaking of Block M,” said Marshall A. Loeb, President and COO for Glimcher. “Demand for space at The Quarter continues to be high further signifying the center’s appeal for businesses looking for a vibrant, upscale office environment.”
Existing office space at Scottsdale Quarter, is nearly 100% leased. In May, Starwood Hotels & Resorts expanded its presence to more than 67,000 square feet.
Following the development of the south parcel, Scottsdale Quarter will be a 1.2 million square foot lifestyle center offering a premier, experience-centered environment. The addition of the luxury residential component of Crescent Scottsdale Quarter, combined with the existing upscale retail amenities, provides office tenants a premium, all-inclusive environment.
Scottsdale Quarter, which sits on 28 acres at the southeast corner of Scottsdale Road and the Greenway-Hayden Loop, includes 370,000 square feet of upscale retail, restaurant and entertainment options and 203,000 square feet of class A office space. The new six-story building will feature contemporary architecture perfectly integrated into the project, with high ceilings and breathtaking views of the surrounding mountains (see rendering).
VALLEY PARTNERSHIP PRESENTS “THE WEST’S MOST DEVELOPABLE TOWN”
The topic for Valley Partnership’s monthly breakfast this Friday, Aug. 22 is an update on current real estate conditions in Scottsdale, AZ. Panelists will discuss what’s been happening in “The West’s Most ‘Western’ Town” as well as future opportunities for the commercial real estate and development community.
The Scottsdale update panel will feature Danielle Casey, economic development director for the City of Scottsdale; Jim Keeley, senior vice president with Colliers International; and Jonathan Keyser, founder of Keyser Co. City of Scottsdale Mayor W.J. “Jim” Lane will also be the featured “Mayor’s Minute” panel and will give a brief update on current development projects within the city.
“The City of Scottsdale is one of the most dynamic centers of economic development within the Valley,” said Richard Hubbard, president and CEO of Valley Partnership. “Scottsdale has proven to be a desirable location for companies looking to locate and/or expand within the Valley, and as the economy continues to improve it is important the commercial real estate and development communities are educated on potential opportunities and challenges that will come from Scottsdale’s business growth.”
In addition to the panel the Community Project Committee will feature a “hands on” display of instruments to be installed in the sensory section at the site of this year’s recipient, Arizona Foundation for the Handicapped. Members may also order engraved bricks.
The Valley Partnership Monthly Breakfast is Friday, August 22nd at the Phoenix Country Club. Registration begins at 7 a.m.; program begins at 7:45 a.m. Click here to register.