Source: RED Development
RED Development is now underway with plans to develop a $300M mixed-use destination on the NWC of 44th Street and Camelback Road, one of the most high-profile intersections in the Valley. The project will include a private NBA/WNBA training facility, boutique hotel, Class AA office buildings, self-storage facility and high-end shopping and dining.
The Phoenix Suns and Phoenix Mercury have begun construction on a 50KSF state-of-the-art private practice facility. Designed as the teams’ training sanctuary, the facility will feature the latest innovations in sports science designed to elevate sustainable high performance as well as a wide array of new medical and physical therapy amenities and coach and medical team offices.
The property will be comprised of new buildings, including a four-story Class-AA office building with ground-floor retail and restaurants; a five-story Class-AA office building; a two-story medical office building, a two-story self-storage facility; a three-story covered parking structure; and a five-story boutique hotel designed, owned and operated by Sam Fox Hospitality Group with approximately 100 rooms, a rooftop lounge and other amenities.
“The corner of 44th Street and Camelback Road is one of the most exciting pieces of real estate in the state, and we believe this proposed project is worthy of its iconic location,” said Mike Ebert, managing partner at RED. “Between RED, Sam Fox and the Phoenix Suns and Phoenix Mercury, this development is being thoughtfully designed by local companies with proven track records for building extraordinary developments and being good stewards of our community. Our vision is for this to be a point of pride for East Phoenix neighborhoods.”
The extensive revitalization of the nearly 18-acre site will bring a high-quality, mixed-use development to the area with ample surface and structure parking, enhanced landscaping and a welcoming pedestrian experience with open space and shaded walkways.
The project proposed by RED is a significant upgrade to the plans that were approved in 2011. That project, which remains fully entitled, calls for almost 1MSF of four-story office buildings across the property. RED’s plan would represent a reduction of over 40 percent in traffic and 30 percent in density compared to the approved 2011 plans.
“I’m dedicated to helping curate a corner so long overlooked in our community,” said Sam Fox. “To be a part of RED Development’s comprehensive development project including the Phoenix Suns and the Mercury, where the vision plays on the greatest strengths of Phoenix and Arcadia, is exciting for a local guy like me. I’m excited to lend my attention to detail, contributing to a quality project for a neighborhood I love.”
RED’s rezoning plans, which were submitted to the City of Phoenix earlier this year, are also expected to correct the property’s higher-than-average vacancy rates and lower-than-average rents by creating a more attractive project for tenants and the community. Further upgrades to the site include adorning all entry plazas, patio spaces and retail buildings with landscaping, lighting and paving that enhances wayfinding and softens the architecture while creating attractive spaces. Construction is expected to begin summer 2020.