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By John Yantis - Tribune
Aging office buildings on the northwest corner of
Camelback and 44th Street would be knocked down and replaced
with a $450 million luxury residential resort that would
feature a boutique hotel and shops, a wellness center and
three 98-foot condominium towers, under a project proposed
Wednesday. Phoenix-based M3 companies are billing the luxury
development as a standard bearer along what it says is an
aging and deteriorating
Camelback Corridor.
The 17-acre site is one of the largest single parcels in the
corridor between the Biltmore Fashion Park and Scottsdale
Road.
The goal is to replace a site covered in asphalt with a
scenic resort that would be an asset to the surrounding
Arcadia area, said Scott Schirmer, M3 managing partner.
He predicts the project will be as elegant as Rodeo Drive in
California. "It's a golden corridor," he says of
Camelback.
"It will be soft and subtle. It's not a
Kierland (Commons). It's a residential resort."
The project, called
CamelSquare at 44th, would replace the 12-building
CamelSquare, a 300,000 squarefoot medical and office complex
that was built in the 1970s.
The complex, which features a building with one story above
ground and three below, hasn't worked, Schirmer said.
"The people feel like they're in a cave or hole," he said.
CamelSquare is about 75 percent occupied, and Schirmer says
the number will drop to 65 percent in a few months. He said
the project needs an overhaul because it has become
functionally obsolete.
M3 purchased the property in 2000 and put money into it, but
hasn't seen enough return, he said.
Two years ago the company began planning the new project.
The mixed-use redevelopment will be comprised of housing
ranging from large estate home sites to condos and lofts.
To allay concerns of neighbors, single-family homes in the
project would buffer against single family homes in the
surrounding neighborhood. Two- and three-story town homes
would be built toward the interior of the site and the
tallest buildings would be built toward the center so as not
to spoil views of Camelback Mountain. One, two and
four-story buildings would be built along Camelback and
44th.
On the corner of 44th and Camelback, developers are planning
a large orange grove with gardens. A restaurant with tables
spilling into the grove would also be part of the project,
as well as a nearby reflection pool and gathering place
between the towers.
Schirmer hopes to attract nearby empty-nesters in Arcadia
and Paradise Valley who have tired of maintaining homes. He
also hopes to sell to Phoenix executives who live in
Scottsdale.
While the proposed square footage of the project is more
than what is there now, studies have shown traffic would be
reduced during rush hours because the plan will replace
commercial uses with mostly residential. Thirty-five percent
of the project would be open space, Schirmer said.
Developers began meeting with neighbors 18 months ago. Some
are concerned about height and traffic patterns.
"Our job is to educate neighbors," he said, adding property
values will increase.
PROJECT FACTS
CAMELSQUARE: A $450 million residential and retail
project proposed for the northwest corner of Camelback Road
and 44th Street in Phoenix. The project would consist of
950,000 square feet of office, residential and retail space,
including three 9-story condominiums
RETAIL AND OFFICE: The project will include a limited amount
of boutique shops and office space, designed to serve as an
upscale gathering place. One-story restaurants with patio
seating areas will be placed on each side of an expansive
green space featuring an orange grove planted at the corner
of the intersection. Additional restaurants will be located
within the lobby area of a 40-room boutique hotel and
condominium buildings. Two banks will also be situated in
the retail space, in similar locations to the existing Bank
of Arizona and Heritage Bank.
MEDICAL: In the first phase of development, a
40,000-square-foot wellness center will be built at the
northwest corner of the primary 44th Street entrance. It
will provide a central location for the community physicians
and medical professionals.
RESIDENTIAL: The project will offer a range of luxury
housing, from residential lofts to single-family homes on
home sites of 14,000 square feet and larger, at prices
ranging from $500,000 to $3 million.
ARCHITECTURE: The architecture will incorporate many of the
design elements found in the neighboring Arcadia and
Biltmore areas.
TIMING: Developers hope to have city zoning approval in
February. Construction of the wellness center would start 8
months later. Three phases would be built over 5 years.
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