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Building A –
Ground Floor Retail, Second
and Third Floor Condos/Lofts
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Building B –
Ground Floor Retail, Second
and Third Floor Office
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Building C –
Ground Floor Retail, Second
and Third Floor Office
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Building D –
Two Story Sports Grill and
Restaurant
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Building E –
Ground Floor Retail, Second
and Third Floor Condos/Lofts
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Building F –
Ground Floor Restaurant,
Second and Third Floor Condos/Lofts
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Building G –
Two Story Restaurant , Third
Floor Office
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Building H –
Two Story Restaurant and
Night Club
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Building J –
Ground Floor Live/Work
Office, Second and Third Floor Condos/Lofts
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Building K –
Ground Floor Retail, Second
and Third Floor Condos/Lofts
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Building L –
Ground Floor Retail, Second
and Third Floor Condos/Lofts
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Building M –
Ground Floor Retail and
Casual Dining
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Building Q –
12 Screen Movie Theater and
Performing Arts Center
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Building R –
Ground Floor Retail, Second
and Third Floor Office
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Fountain Hills Town Square
Location:
Directly across from the Fountain in Fountain Hills.
Description:
Fountain Hills Town Square is a proposed mixed-use development that
provides an urban lifestyle where residents and guests can live,
work, and play. The project utilizes approximately 13 acres of
vacant land directly across from the world’s largest fountain in the
town of Fountain Hills, Arizona.
Arts Walk
Town Square is designed as a public venue for families and friends.
It provides open spaces to relax, gather with friends, and enjoy the
ambiance of the fountain and surrounding area. Artwork displays
highlight a meandering green space through the center of Town
Square. This “arts walk” is supported by the Cultural Council of
Fountain Hills and will be a destination in itself. The xeriscaping
of this green space includes defined paths that encourage pedestrian
flow throughout Town Square. The pathways also connect to Fountain
Park, the Avenue of the Fountains, and other retail establishments,
nearby residences, and public offices.
Avenue Of The Fountains
Town Square evokes the vibrancy of an urban area in the heart of
Fountain Hills. Residents can live, work, and play without having to
leave Fountain Hills. Residents and guests will enjoy entertainment
and nightlife, casual and fine dining, and a high-end retail
environment. Town Square achieves this goal by providing a
centralized location for national and regional retail shops,
including men’s and women’s clothing and accessories, home
accessories, small electronics, a book store, and other boutique
retail stores.
Town Square Site
Plan
Anchored by a state-of-the-art cinema, Town Square features high-end
retail and both casual and fine dining. The residential amenities of
Town Square include 110-130 condominiums and lofts built on the
second and third floors above the retail spaces. At the heart of
Town Square is a landscaped green space with an art walk sponsored
by the Cultural Council of Fountain Hills. Town Square also provides
a place to work with traditional office spaces and live/work units.
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Description
Summary
Fountain Hills Town Square (Town Square) is a proposed mixed-use
development that provides an urban lifestyle where residents and
guests can live, work, and play. The project utilizes approximately
13 acres of vacant land directly across from the world’s largest
fountain in the Town of Fountain Hills. Anchored by a
state-of-the-art cinema, Town Square also features high-end retail
and both casual and fine dining. The residential amenities of Town
Square include 110-130 condominiums and lofts built on the second
and third floors above the retail spaces. At the heart of Town
Square is a landscaped green space with an art walk sponsored by the
Cultural Council of Fountain Hills. Town Square also provides a
place to work with traditional office spaces and live/work units.
Fountain Hills Town Square is a place to gather, a place to shop, a
place to eat, and place to be entertained. With it’s style and feel
inspired by the success of Kierland Commons in Scottsdale, Arizona,
Town Square is designed to be a destination-location that attracts
local residents as well as guests from the surrounding area.
Incorporating residential areas above the retail spaces, Town Square
brings an urban vitality to a suburban location and encourages a
vibrant downtown core. Town Square creates a sense of community and
an exciting destination for the future of Fountain Hills.
Project Overview
Fountain Hills Town Square is a proposed mixed-use development. The
project location is 12.66 acres along Avenue of the Fountains in
Fountain Hills, Arizona. The project comprises 505,000 sq. ft. of
space, featuring 170,000 sq. ft. of high-end retail and restaurants,
95,000 sq. ft. of office and live/work units, and a 52,000 sq. ft.
state-of-the-art cinema. All ground-level space is designated for
retail and commercial uses; office and residential areas are on the
second and third floors. The 110-130 condominiums and lofts will
features secured underground parking.
The Town Square main street features a pedestrian-friendly walkway
with gathering places, water features, sculptures, shade structures,
and desert landscaping. The development also features a public green
space at the center of the property; this space features an art walk
sponsored by the Cultural Council of Fountain Hills. A
state-of-the-art cinema serves as the primary landmark of Town
Square, and the retail streetscape includes spaces for regional and
national retailers and restaurants. Kiosks also provide residents
and shoppers with additional dining and shopping experiences.
The design of Town Square integrates various uses of space and
creates a synergistic and vibrant environment in which to live,
work, and play. This development is designed to complement the
exiting business environment of Fountain Hills and will add to the
community’s charm and character.
Town Square will cost approximately $140 million and take 3 to 5
years to construct and stabilize. This project is a development of
Fountain Hills Town Square LLC, a development group based in
Fountain Hills, which consists of Kasnoff Investments of Fountain
Hills, Conrad Properties West of Scottsdale, and Nielsen-Fackler
Planning and Development of Tempe.
The Property & Location
Property for the Fountain Hills Town Square project is located in
downtown Fountain Hills, Arizona, directly across the street from a
32-acre lake and "The Fountain" which is the centerpiece of Fountain
Hills. A new full-service hotel recently opened on the southeast
corner of the property, and 145 condominium units were recently
completed across the street on the south side of the property. The
property for this project is 13.93 miles from the nearest movie
theater and is bordered by Avenue of the Fountains on the north,
Saguaro Boulevard on the east, Paul Nordin Avenue to the south, and
the new Community Center, Library, and Town Hall to the west. The
topography is flat with all off-sites completed. The developers are
working with the Town of Fountain Hills to secure variances to the
zoning ordinance to allow residential condominiums in the mixed-used
project.
Tenant Mix
Market due diligence indicates medium- to high-end retailers and
restaurants are interested in the location of Fountain Hills Town
Square. This project is targeting national retailers such as Borders
Books, Z Gallery, and Chicos as well as national restaurant
companies such as Brio and the Yardhouse. Successful regional
restaurants such as Paradise Bakery and Fox Restaurant Concepts are
strong prospects for the project. One of the development partners,
George Kasnoff, is moving his successful fine-dining restaurant (Water’s
Edge) to Town Square and expanding to include a second-floor
nightclub. Additionally, a California-based theater operator has
committed to be the theater tenant.
Land Closing & Construction Schedule
The land for Fountain Hills Town Square was placed under contract in
April 2007. The purchase and sale agreement allow 6 months for the
principals to complete the economic feasibility study and due
diligence prior to closing. Assuming the developers are able to
obtain the required zoning and development agreement with the Town,
closing is scheduled for late October 2007.
Initial construction plans for Town Square allow the theater and
some office/retail spaces to open on the west side of the site by
the end of 2008. The additional buildings will be constructed as
retail and restaurant tenants are secured. Estimated construction
and stabilization is expected to take 3 to 5 years.
The Town of Fountain Hills
With a 2003 trade area population of 128,000 within a ten-mile
radius of Fountain Hills and growth of 21.7%, the retail trade
potential exceeds $1.7 Billion. The Town of Fountain Hills is an
upscale residential community with a 2003 average household income
of $104,528. The city of Scottsdale is 11.5 miles to the west and
Phoenix is 30 miles to the southwest. Fountain Hills has the
national reputation of as one of the top 10 places in America to
raise a family and the number one location in the greater Phoenix
metro area. In May 2006, Fountain Hills was named number 1 place to
live in the valley by Phoenix Magazine.
Competitive Market
Fountain Hills Town Square has little retail or restaurant
competition in the immediate area. The closest similar mixed-use
development is located approximately 15 miles away in Scottsdale.
The Town of Fountain Hills is pleading for a cinema and new retail
establishments to give it’s citizens the ability to shop, dine, and
play in their own community.
Development Team
Developers: Conrad Properties West / Kasnoff Investments
Master Planning: Nielsen-Fackler Planning and Development
Architect of Record: RSP Architects
Theater Interior Design Architect: TBD
Residential Architect: TBD
General Contractors: Conrad Properties West / Kasnoff Investments
Project Manager: Conrad Properties West / Kasnoff Investments
Project Manager Theater Interior: Haffar Entertainment Group
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