WhiteHaven and Hibernia Capital Advisors are planning a two-story, 45KSF office building south of several existing projects at The Grove master project at 44th Street and Camelback in Phoenix.
WhiteHaven had initially tried to take office space in The Grove at 44th Street & Camelback Road, itself, but was unsuccessful. Hibernia Capital was the developer of the site’s indoor self-storage project, which sits directly north of the newly planned office site.
The partners are now attempting to raise $13.8M for the new development. An initial investment round has raised $7M. WhiteHaven plans to purchase the land from Hibernia Capital after the funding round closes in July. It has also lined up a $12.5M loan from Enterprise Bank & Trust.
WhiteHaven officials say they hope to have permits in place to start construction by November and are targeting completion and occupancy for late 2024.
Plans for the office space include a rooftop deck, an on-site gym and surface parking.
LGE Design Build/Group will handle the design, construction and tenant improvements for the project.
JLL will be the listing broker, and anticipated rents are expected to be more than $60/SF, which is appreciably more than other properties in the area. (Source)
