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January 2005
National Developer to Build Largest Single Commercial Development on
Native American Land in United States History
Chicago,
IL - The Alter Group will develop Riverwalk Arizona, a $400,000,000
mixed-use office/retail development in Scottsdale, AZ, just south of
Via de Ventura and north of Indian Bend Road on the east side of the
101 Freeway, announced Michael J. Alter, President of the firm, one of
America's leading office, industrial and healthcare real estate
developers.
The country's single largest development on Native
American land to date, Riverwalk Arizona will yield an estimated
2,000,000 SF of corporate office and retail space on the Salt River
Pima-Maricopa Indian Community. The development is expected to create
up to 15,000 new jobs.
"This is one of America's tightest
markets," said Alter. "With Scottsdale absorbing 600,000 SF of office
space annually and users unable to find large blocks of contiguous
space, we think the timing is right. Because this is one of the last
largest land sites in Scottsdale, we will be able to offer space users
very competitive rates."
The 187-acre land site is characterized
by a mile of frontage along Loop 101, full diamond interchanges at both
Via de Ventura and Indian Bend Road, as well as paved streets, curbs
and streetlights around the property. Utility services, including
water, sewer, natural gas and power, are in place at the site and ready
for immediate hook-up. Riverwalk Arizona has exceptional visibility
from both northbound and southbound traffic on the 101, which is one of
the busiest freeways in the Valley, carrying an estimated 190,000 to
200,000 vehicles daily, according to the Arizona Department of
Transportation (ADOT).
The Salt River Pima-Maricopa Indian
Community is home to the Pima and Maricopa Indians, descendants of the
ancient Hohokam Indians. It was created in June of 1879 and consists of
53,600 acres - of which 19,000 are maintained as a natural preserve.
Adjacent to The Alter Group's land site is The Pavilions, a 140-acre
retail shopping center; Casino Arizona; and the Talking Stick Golf
Club, a 36-hole Ben-Crenshaw-designed golf club.
"The landowners
and development partners have put tremendous time and effort into
creating a thriving commercial center within the community," said Hans
Klose, Director of Community Development for the Salt River
Pima-Maricopa Community. "Riverwalk Arizona will spur other high-end
mixed-use development that will create employment opportunities and a
larger tax revenue base for the area."
The Alter Group is a
national corporate real estate development firm with five vertically
integrated affiliate companies. Each offers specialized services,
including brokerage, healthcare facility development, construction, and
property management.
For more information, contact Kurt Rosene, Senior Vice President of National Development, The Alter Group, at (480) 302-6600.
The
Alter Group, founded by William A. Alter in 1955, has developed close
to 100,000,000 SF of speculative projects for its own portfolio and
build-to-suit facilities for corporate users. This year, the company
has 6,700,000 SF of space, worth $758,000,000, under development in
national markets.
The firm was recently ranked as # 4 in the National Real Estate Investor survey of America's top office developers.
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| The Alter Group Announces 2,000,000 SF Mixed-Use Commercial Development in Phoenix |
| January 2005 |
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