Construction is underway on the Grove, a 15-acre development that includes Sam Fox’s first hotel, Global Ambassador, along with the Phoenix Suns and Phoenix Mercury practice facility and will yield another 180,000 square feet of Class AA office space.
Demolition on the site, located at 44th Street and Camelback, has been completed, along with initial site work.
The $300-million project will include a four-story office building, two additional two-story office buildings, a self-storage facility, ground floor retail and a luxury apartment building. The Suns and Mercury practice arena opened in 2020, while the next phase of the Grove is expected to open in the second half of 2022. Final completion and the opening of the Global Ambassador hotel is planned for fall 2023.
The project is being developed by Phoenix-based RED Development, which is also redeveloping the former Macayo’s in Tempe into a mixed-use office and hotel development.
“Between RED, Sam Fox and the Phoenix Suns and Phoenix Mercury, the Grove is being thoughtfully designed and created by local companies with proven track records for building exceptional developments,” Mike Ebert, managing partner at RED, said in a statement. “On the office front, the Grove will feature the first new Class AA office campus in the area in close to 20 years. In the coming weeks, we’ll be announcing the first office tenants, which are currently set to surpass state records for price-per-square-foot leasing rates.”
Leasing is underway for the office space.
The apartment building will be the fifth Arizona property developed by StreetLights Residential, and will include 58 two- and three-bedroom luxury apartment units.
“We believe this is one of the best pieces of real estate in the state of Arizona, and we are excited to be part of this transformative project,” Greg Nadeau, vice president of development over the Arizona region for StreetLights Residential, said in a statement. “We have carefully crafted our residential building to complement the architecture of the district, delivering sophisticated and boutique feeling apartment homes designed for a similar style of living experienced in the surrounding Paradise Valley and Arcadia neighborhoods.”
Fox and Brian Frakes of Common Bond Development are co-developing the Global Ambassador hotel, which will be the first hotel for the restaurateur and top executive with Fox Restaurant Concepts. The 141-unit luxury hotel was designed by Fox after he studied luxury hotel and hospitality venues around the world. Fox will manage and operate the hotel with his new company, Author & Edit Hospitality. New details were recently released about the hotel.
“The Camelback corridor is nationally recognized as the most prestigious office location for premier businesses in the Valley, and The Grove will only further enhance the strength and vitality of this area,” Christine Mackay, director of community and economic development for the city of Phoenix, said in a statement. “As the first new Class AA office campus in two decades, we look forward to seeing the significant positive impact this development will have on the neighborhood in attracting world-class tenants.”
Source: Phoenix Business Journal