CityScape Project Underway In Downtown Phoenix

CityScape Project Underway In Downtown Phoenix

CityScape is an inspiring multi-use destination, providing a focal point for urban living and community activity, connecting the dynamic people, places and events of metropolitan Phoenix.

The goal of this project is to create a thriving urban environment in the heart of Downtown Phoenix, creating one of the highest energy locations in the Valley, if not the state. It will be a hub of activity that blends residential space with urban living, work, shopping and entertainment opportunities. Combine a transit-friendly development with useful open spaces, and this dense urban living environment will be home for some and a destination for all.

Phoenix – Ground was broken in late October for CityScape, a $900-million, 2.5-million-square-foot mixed use project of RED Development (Scottsdale and Kansas City) and CDK Partners that will ultimately cover three city blocks in downtown Phoenix, extending from First Avenue to Second Street and from Washington Street to Jefferson Street. The first phase, on the center block, will open in November 2009, with construction of subsequent phases continuing through 2011.

CityScape Video

Financial services firm Wachovia Corp. will be the anchor tenant in the 600,000-square-foot CityScape office tower, while Kimpton Hotels & Restaurants of San Francisco will build a 250-room luxury boutique Hotel Palomar as part of the project. Other project tenants include AJ’s Fine Foods, Twelve Hotels & Residences (with a 150-room hotel in a later phase of the project) and P.F. Chang’s China Bistro. The residential component of the first phase will include about 1,200 residential units, 65 rental apartments and 150 condominiums.

Hunt Construction is general contractor for the project’s initial phase.
Source: Hol WagnerNovember 6, 2007Rocky Mountain Construction

CityScape construction begins

A $900 million development that promises to bring retail, new residents and 2,500 full-time jobs to the heart of Phoenix broke ground Monday.

When it's complete, CityScape will span from First Avenue to Second Street and from Washington Street to Jefferson Street.

The development will cover three city blocks, have a pedestrian bridge across Central Avenue and will replace Patriots Square with a series of open spaces.

"This will be a catalyst for other projects (in) downtown and will support existing businesses downtown," said Mayor Phil Gordon.

The first phase will open November 2009, and construction on the other phases is expected to continue through 2011.

The anchor tenants include financial services firm Wachovia Corp., a 250-room boutique hotel, P.F. Chang's China Bistro and AJ's Fine Foods.

On Monday, developers RED Development and CDK Partners released details about Wachovia and the Kimpton Hotels, which, it was announced, will be part of the development.

In 2010, the San Francisco-based hotel chain plans to open 250-room Hotel Palomar, which will include about 150 condos, said Michael Depatie Kimpton's CEO.

A second, 150-room hotel - Twelve Hotel and Residences - is planned for a later phase of the project.

Wachovia's regional office will have 100 employees but plans to double that soon, said Bill Morgan Wachovia's regional president for Arizona.

The Charlotte, N.C., firm recently bought World Savings, along with investment brokerage A.G. Edwards. The new regional office will help boost Wachovia's profile in the region, where it isn't as well-known as Wells Fargo, Chase and Bank of America.

Developers also plan build to about 150 residential units and 65 apartments in the first phase.

Later, the third block of the project, between First and Second streets, will have about 1,000 condos, said Judd Bobilin of Novare Group, the firm that will help develop that part of the project.

More than $120 million in city incentives is linked to the deal.

Phoenix agreed to purchase the project's underground parking garage and pay for repairs to an existing parking garage at a cost of $96.5 million.

In addition, it will waive the property taxes on key components for eight years, worth at least $26 million, according to past city estimates.

Source: Jahna BerryThe Arizona Republic

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