News Ticker

Nationwide’s $950M Mixed-use to be Called “Cavasson”

Credit: Nationwide Realty Investors

By AZBEX Staff for Arizona Builder’s Exchange

Nationwide Realty Investors announced late last week its master-planned $950M, 134-acre mixed-use office development near Hayden Road and Loop 101 in Scottsdale will be named Cavasson.

According to a press announcement from The Arizona Commerce Authority, the first phase “will include several commercial office buildings including the new 460KSF regional headquarters building for Nationwide Insurance, multifamily apartments, a six-story parking structure, retail and restaurants, two hotel sites and significant infrastructure improvements.”

The Authority cites Nationwide Realty Investors President and COO Brian J. Ellis with having made the announcement, quoting him as saying, “This is the best undeveloped site in the region. It has tremendous visibility, great connectivity to amenities and services and outstanding access. The demand we’re seeing for this project is truly unprecedented.”

Groundbreaking for Phase I is planned for next year.

Ultimately, Cavasson will comprise 1.8MSF of commercial pace, including 1,600 multifamily units. “The walkable community will include tree-lined sidewalks, bike paths, green spaces and community gathering places with ample parking,” according to the announcement. “The project will include an infrastructure investment of approximately $30M — delivering new roads, sidewalks, improved connectivity and flood mitigation improvements, which will benefit the property and significant acreage surrounding the development.”

An article in Phoenix Business Journal noted Nationwide has been provided with benchmarks to qualify for reimbursement by Scottsdale for up to $21.9M of its costs in developing the property’s infrastructure improvements. Those reimbursements will be paid in installments of $7.3M as the company meets its milestones in terms of payroll and project size.

Nationwide Insurance’s five-story regional headquarters will be the anchor tenant. The intention, according to the announcement, is “to bring more associates and like business operations together to create efficient and collaborative work environments and align business units in an effort to better serve the needs of both the company’s policyholders and its associates.” The headquarters is planned to be ready for move-in in late 2020.

Nationwide Realty Investors bought the site in September in a State Trust Land auction for $84M.

“We are appreciative of the creative and collaborative approach to public/private partnership that the State of Arizona and the City of Scottsdale took to make this development possible,” said Ellis. “The culmination of our enterprising partnership is a world-class project in a high-profile location, creating jobs and serving as a powerful economic engine for the region.”

“The announcement that Nationwide will grow its Arizona operations by over 500 new jobs is excellent news for our state,” said Sandra Watson, President & CEO of the Arizona Commerce Authority. “Thanks to companies like Nationwide, Arizona is home to the second-largest concentration of business and financial services jobs in the nation and is recognized as a global leader in the industry.”

Nationwide Realty Investors’ other noted Arizona developments are the 3MSF Rivulon mixed-use in Gilbert and Gainey Ranch Corporate Center in Scottsdale.

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