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February 14, 2005
142,000 SF Build-to-Suit is First Structure at Historic $400 Million Business Park on Native American Land
Chicago, IL – The Alter Group (www.altergroup.com) is developing a new home for The Arizona Design Center, a collection of the region’s leading home décor showrooms that sell wholesale furniture, fabrics, lighting, floor coverings and other furnishings. The facility is the inaugural project at the new Riverwalk Arizona business park in Scottsdale, AZ, announced Michael J. Alter, President of the national corporate real estate development firm.
“The country’s largest development on Native American land to date, Riverwalk Arizona will yield an estimated 2,000,000 SF of corporate office and retail space, and create up to 15,000 new jobs,” Alter said. “The premium development combines expressway frontage, a campus environment and exceptional amenities in one of Arizona’s tightest real estate markets.”
“Even though construction is just underway, approximately 70 percent of The Arizona Design Center is pre-leased,” said Kurt W. Rosene, Senior Vice President, National Development, The Alter Group. “Phoenix is one of the capitals of the housing industry, ranking # 1 in starts – twice the national average -- and is now the United States’ fifth biggest city. The 14,000-square-mile metro area already is home to more than 3,600,000, and new people are moving in every day.”
According to Suzanne Douglass, President of The Arizona Design Center Tenants Association, “Much of the burgeoning demand stems from the city’s economic performance. Our new building at 7350 North Dobson Road is in a terrific location and lets us serve interior designers more effectively so they can meet the Valley of the Sun’s pent-up demand for up-market home furnishings. The Arizona Design Center’s Scottsdale site puts us in the heart of Phoenix’s most affluent and fastest growing region.”
“Phoenix’s recent job growth is # 11 nationally, and its rapidly expanding economic base is diversifying as financial services companies recognize the strategic advantages of operating here,” Rosene said. “The vibrant metro area has long attracted concentrations of military contractors, today a growth industry due to skyrocketing government defense and homeland security spending.”
“With Phoenix retail sales projected to grow 25 percent over the next five years -- a rate that also is significantly faster than the national average – the expanded showrooms will let us increase the size of our market. The new facility allows our showrooms to compete more effectively, provide superior service and capture more business,” Douglass said.
Custom designed, the limited-to-the-trade-access building has a spectacular 7,000 SF atrium lobby ideal for special events. Riverwalk Arizona’s mile of frontage along Loop 101 and full diamond interchanges at both Via de Ventura and Indian Bend Road assure the accessibility and highway visibility that the Arizona Design Center demands.
“Four new showrooms are ready to come on board, and additional showrooms have expressed interest in joining us to provide the more diverse product mix our clients demand,” Douglass said. “Expansion means we can enhance service in our hometown, improve access for our expanding interior design base so they can better serve their prosperous clients, maintain strict quality control and approve all new showrooms.”
Riverwalk Arizona is set on 187 acres of prime land owned by the Salt River Pima-Maricopa Community, home to the Pima and Maricopa Indians, descendants of the ancient Hohokam Indians. The community was created in June of 1879 and consists of 53,600 acres – with 19,000 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.
The Alter Group’s exclusive leasing agent for the Arizona Design Center is CB Richard Ellis, represented by Thomas Adelson, Executive Vice President; James Fijan, Executive Vice President; Jerry Roberts, Senior Vice President; and Kevin Calihan, Senior Associate.
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.
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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| Alter Group is Developing Stylish The Arizona Design Center at Riverwalk Arizona in Scottsdale |
| February 14, 2005 |
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