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COVER STORY, AUGUST 2007
ALL IN ONE
Mixed-use developments boost utility and appeal by offering more to people.
Brian A. Lee
In commercial real estate in the West, an unwritten but understood motto seems to be the more uses the merrier! Mixed-use developments serve people in more ways and connect them more to their communities.
The Arroyo
For years, Las Vegas has sought to offer it all in the world of entertainment and extravagance. In the world of business and just a few miles west of the Strip, Las Vegas-based EJM Development is delivering it all with The Arroyo, a 450-acre master-planned, mixed-use development located on Interstate 215 between Rainbow Boulevard and Buffalo Road.
“With its centrally located proximity to Summerlin and Green Valley, EJM saw a great opportunity to develop the site with a retail component to provide the office and industrial users with a place to shop and eat without having to drive miles out of their way, which is very typical in the Las Vegas market,” says Kirk Boylston, EJM Development’s regional director.
Estimated at $750 million, The Arroyo will comprise 1.5 million square feet of industrial space, 1.5 million square feet of retail space and 1 million square feet of office space, which will include Class A and single-story product. Specializing in industrial properties, EJM has partnered with Laurich Properties in the development of the Arroyo Market Square, the 940,000-square-foot power center component of the project designed by Perkowitz + Ruth Architects.
“The Arroyo’s central location and freeway frontage were key factors,” says Boylston. “Also, there were no major retail amenities in the southwest [part of Las Vegas], with people driving 4 to 5 miles out of their way to go to the store. The Arroyo brings all of these amenities together in one convenient location, while providing a place for businesses to call home. By offering all of the components in one central location, it makes an attractive package to companies looking to relocate their businesses.”
The massive project gets its name from the natural gulch that winds through the property. EJM and its architectural team have used this watercourse to increase the appeal of the development, creating a beltway along the arroyo with interconnecting footbridges and seating throughout.
“Every detail has been thoughtfully planned, from wide streets with landscaped medians to the meandering sidewalks and ample parking,” says Boylston. “The entire project has been designed in homage to the natural beauty of the original arroyo, with places for seating, strolling, dining and playing.”
The Arroyo’s construction started in October 2004, with completion of the entire 450 acres slated for 2014. EJM Development is leasing the property from Clark County under a 50-year ground lease.
Chandler Echelon
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The $200 million Chandler Echelon will feature two Marriott hotels.
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Location is even more difficult to achieve when developing in the highest growth market in the nation. With Chandler Echelon, its $200 million mixed-use project in the Phoenix area, Lees Mayfield Associates of Scottsdale, Arizona, will create even more interest in a high-demand place.
“The site is one of very few vacant parcels in the Price Road corridor [in Chandler, Arizona,] that is zoned for mixed-use,” says Bob Mayfield of Lees Mayfield Associates. “Two freeways intersect at the site, making this property immediately accessible to other cities, the airport, major employers and affordable housing.”
Located at the southwest corner of Price Road and the 202 Freeway, just south of Chandler Fashion Square, Chandler Echelon will comprise two hotels, two multi-story office buildings and a retail component. Scheduled to break ground in September, the first phase of the project will consist of a four-story, 190,000-square-foot Class A office building. A four-story parking garage will be built adjacent to the building. Construction of a second office building will begin soon after completion of Phase I.
“The office buildings are specifically designed for large users with floor plates of 45,000 square feet,” says Mayfield, noting the demand for multi-tenant space in close proximity to the major employers already situated in the corridor. “Each building will be completed with Class A office finishes, which is a departure from office product previously developed in this submarket.”
Chandler Echelon will also feature two Marriott hotels uniquely designed within one building structure — a 150-room Courtyard by Marriott in one wing of the building and a 110-room Fairfield Inn by Marriott in the other. Construction of the six-story Marriott hotels will commence in December, with completion scheduled for January 2009.
Lees Mayfield Associates’ project partners are Indiana-based REI Real Estate and White Lodging Services, and Poe Companies, headquartered in Louisville, Kentucky.
“This mixed-use project is a blend of Lees Mayfield’s experience with Class A office development in the Arizona market and the strong national reputation of White Lodging Services for development of high-quality hotels,” says Mayfield, pointing out that the well-known hotel brand and design fits well with the freeway location and demand from business travelers.
In addition to the office and hotel buildings, the developer has slated 20,000 square feet of space within the project for banks, restaurants and retail shops.
Phoenix-based DFD Cornoyer Hedrick Architects handled Chandler Echelon’s design. The styles of each of the development’s components are to blend together for a unified campus look. The Weitz Company is managing the project construction while office marketing and leasing are being performed by CB Richard Ellis.
Village Center
It’s the dawn of a new era in Daybreak, one of the fastest growing communities in Utah. With the groundbreaking on Daybreak Corporate Center in May, Kennecott Land has begun the first phase of a 45-acre, $150 million mixed-use development called Village Center, which during the next 3 years will deliver approximately 230,000 square feet of office space, 100,000 square feet of retail space, 225 condominium/townhouse units and 250 to 300 apartment units to the town of South Jordan.
“This Village Center development is designed to attract a variety of users,” says Scott Kaufman, director of commercial development at Kennecott Land. “During the weekdays, it will be home to more than 700 professional employees that office in an aesthetically appealing corporate setting with great views and amenities. During the evenings and weekends, the adjacent neighborhoods will descend upon interesting shops, great restaurants, ice cream stores, cafes, and relaxing and well-programmed public spaces.”
Daybreak Corporate Center will be a multi-tenant, Class A office building anchored on two of the three floors by the Salt Lake City operations of Rio Tinto, the parent company of Kennecott Land. Designed by FFKR Architects, the three-story, 175,000-square-foot office property, which will have an attached structured parking deck, will be built according to the principles of sustainable development that Kennecott Land strives to promote and will be submitted for both LEED (Leadership in Energy and Environmental Design) and the EPA’s Energy Star® Program certification. Located at the gateway to the 4,200-acre Daybreak Community, where 14,000 homes are planned, Daybreak Corporate Center is scheduled for completion in spring 2008.
Designed by Scottsdale, Arizona-based Circle West Architects, the Village Center’s retail component will combine the traditional character of the community with outstanding urban architecture, providing a town center-like home for a neighborhood grocer, restaurants and numerous other shops.
“Within the Main Street plan, we are designing an urban park that provides elements such as seating, pop jet fountains, an outdoor fire pit, sun shades and music,” says Kaufman. “Above all, the Village Center is positioned between great neighborhood parks, Oquirrh Lake and a variety of area trails.”
The Village Center constitutes the first of many commercial projects that Kennecott Land will undertake. In Daybreak, Kennecott Land, which was established in April 2001 to protect and develop Kennecott Utah Copper’s non-mining property, has planned for a total of 9.1 million square feet of commercial, retail and industrial space.
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