A $450 million luxury residential resort could replace the deteriorating northwestern corner at 44th Street and Camelback Road.
"The residents at Camelsquare will be able to go down to the main grounds and be able to walk their dogs and walk in trees, flowers and garden areas and stay in the community and go to the local neighborhood stores or restaurants," said Scott Schirmer, managing partner and the project's lead manager for the M3 Companies.
M3 is meeting with neighbors and soon will file plans with the Village Planning Committee, Schirmer said. The Phoenix Planning Commission and the City Council also must approve the project. The first phase of construction could begin late this year or early 2008, he said of the area initially designed in 1919.
"It's just part of the evolution of development that's happened in the Arcadia area and the core over time," said Schirmer, who resides in neighboring Biltmore.
The 17.43-acre site is the largest piece of single-owned land between the Biltmore and Phoenician resorts.
"It's in need of some help," said Jeff Jennings, 50, an 18-year homeowner on East Colter Street, just north of Camelsquare.
Jennings, who works in commercial real estate, said the project would increase the value of the neighboring homes, which range from $600,000 to $1.5 million.
M3, developer of many successful projects in Arizona including Prescott Lakes, purchased the property in 2000.
Camelsquare would replace the 1970s buildings with 950,000 square feet of office, retail and residential space, including three nine-story condominiums in buildings at the project center in order to minimize obstruction of mountain views to the surrounding neighbors. Plans also include a boutique hotel, a wellness center and restaurants.
Some neighbors have raised concerns about tearing down the almost 40-year-old commercial buildings.
With 30 percent of open space along with elegant architecture and orange groves, the plans would match the adjacent communities in Paradise Valley, Biltmore, and Arcadia areas, Schirmer said.
"I see it more as an elegant corridor that could be created with landscaping, and streetscape fences repaired, not falling down, power lines put under ground and beautiful neighborhood gathering spots and mixed-use development," Schirmer said.
The Camelback Corridor neighborhoods are full of charm and character.
"We have what we call the only urban lifestyle in a rural setting," Schirmer said of Camelsquare plans.
Improvements could mean a decrease in traffic and crime around the surrounding areas.
"This is a change for the better," Jennings said.
More than 30 urban projects are either finished or under construction in Phoenix and Scottsdale. There are a lot more choices, and buyers can afford to be picky.
"Camelback Corridor will always be a very healthy area, especially the Arcadia area," said Kevin Zurek, a Phoenix area resident for many years, and real estate consultant for Advisor Realty. "It will always be known as one of the premier areas in the Valley."
