By Catherine Reagor for The Arizona Republic
most weekday mornings, Michael Ebert can be found walking around CityScape in downtown Phoenix. The managing partner of RED Development usually buys a cup of coffee at Chloe’s Corner or a meal at the Breakfast Club.
RED Development began plans to develop the 1.2MSF CityScape project on the Heritage Park site in 2005. Despite the recession and real-estate crash, the developer broke ground in 2008 and opened the first phase in 2010.
The development’s retail space is 100 percent leased. The office tower is 97 percent full. The hotel is becoming one of the most popular in Phoenix. The long-awaited apartments are under construction, and his firm just closed a deal to manage and revamp the block-size Collier Center office project next door.
Downtown proponents credit the nearly $1B CityScape development with ensuring downtown Phoenix’s continued redevelopment.
RED built CityScape from scratch but is also garnering a reputation as a successful redeveloper of mixed-use projects in popular locations across metro Phoenix and Flagstaff.
Updating Older Projects
The developer is currently working on revamping four high-profile projects in Arizona: the Shops at Town & Country at 20th Street and Camelback Road in Phoenix; the Hilton Village Shopping Center on Scottsdale Road south of Lincoln Drive; the Borgata near Scottsdale Road and McDonald Drive; and Aspen Place in downtown Flagstaff.
RED bought Hilton Village for $25M and is updating the center’s look with a Spanish colonial design and adding retailers CVS, Chico’s, Urbany and restaurants Tap House Kitchen and Nekter Juice Bar.
In Flagstaff, RED is bringing an REI store to Aspen Place at the Sawmill, a project that stalled with another owner during the downturn. More than 220 luxury apartments to be built above and next to the retail space are also planned.
More Downtown Projects Near CityScape
Last fall, RED began building 224 high-end apartments above the Palomar and plans to begin leasing the units this fall. Rents are expected to start at $1.8K. Tenants will be able to use the hotel’s amenities, including room service.
RED is expanding its presence downtown. Last month, the company closed a deal with Collier Center owner GE U.S. Pension Trust to revamp and market the 600KSF project, a block from CityScape. RED’s first move was to sign law firm Lewis and Roca to lease 70KSF in the office tower. The next phase of the project is to update the outside and tie it into CityScape’s amenities.
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