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Office, retail redevelopment project slated for Scottsdale
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A local real estate investment firm plans to begin construction late this year on roughly 225,000 square feet of office and retail space, as part of a redevelopment project in Scottsdale.
International Capital Partners’ $100 million-project, called Cendere, will sit on 8.3 acres near the northwest corner of Scottsdale Road and Lincoln Drive.
The development will include 180,000 square feet of office space and 45,000 square feet of retail, which could include restaurants, markets and a banking element, said James Petersen, marketing director for the Scottsdale-based company.
“We want to offer something to the neighborhoods in that area that they can use,” Petersen said.
The proposed project sits smack in the middle of the city’s resort corridor, where many businesses have been updating their looks, said Mac Cummins, a principal planner for Scottsdale.
“It’s a pretty key intersection in that portion of the city,” he said.
Cendere would be similar to other developments in the area, he said.
So far, International Capital Partners has only filed a preapplication, but it has had informal meetings with city planners.
The company, which bought the land in July 2002, will tear down an existing office complex at the site.
The buildings are older and “reaching their age limit,” Petersen said.
The investment firm is working with existing tenants on moving out, he said.
The company owns more than 2 million square feet of office space in the Valley, so there are a lot of options, Petersen said.
“That would be ideal if we can displace them and then move them back in with a brand new complex,” he said.
Cendere is expected to be completed in late 2009.
Petersen said the company isn’t ready to disclose more details, such as the number or heights of buildings, because the project is constantly changing.
“We really want the right product for the area,” he said. “It’s in the early stages.”
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