AZ Commerce Authority: Nationwide Realty Investors unveils name and initial plans for 1.0 Million SF mixed-use development in Scottsdale
SCOTTSDALE, AZ (November 1, 2018) – Nationwide Realty Investors announced today that its 134-acre mixed-use development in Scottsdale, Arizona will be named Cavasson. The initial phase of the project, which will break ground in 2019, will include several commercial office buildings including the new 460,000 square-foot regional headquarters building for Nationwide Insurance, multifamily apartments, a six-story parking structure, retail and restaurants, two hotel sites and significant infrastructure improvements. Nationwide Realty Investors President and COO Brian J. Ellis made the announcement.
“We are thrilled to be unveiling Cavasson and sharing the initial details of this premier mixed-use development,” said Ellis. “This is the best undeveloped site in the region. It has tremendous visibility, great connectivity to amenities and services and outstanding access. The demand we’re seeing for this project is truly unprecedented.”
Reflective of its surrounding landscape, Cavasson will be highly designed and beautifully landscaped. The project’s mix of uses will include approximately 1.8 million square feet of market leading commercial office space, 1,600 multifamily units, hotels, retail, restaurants, services and amenities. The walkable community will include tree-lined sidewalks, bike paths, green spaces and community gathering places with ample parking. The project will include an infrastructure investment of approximately $30 million—delivering new roads, sidewalks, improved connectivity and flood mitigation improvements which will benefit the property and significant acreage surrounding the development. Cavasson is located along Loop 101, at the southwest corner of Hayden Road and Legacy Boulevard in Scottsdale.
Serving as Cavasson’s first anchor tenant, the new 460,000-square-foot Nationwide Insurance regional headquarters building will house approximately 2,200 associates with room to grow. The five-story, world-class facility will allow the company to bring more associates and like business operations together to create efficient and collaborative work environments and align business units in an effort to better serve the needs of both the company’s policyholders and its associates. Nationwide plans to move its associates into the new building in late 2020.
“Nationwide’s choice to make a major investment in Arizona will build upon the great strength of our economy by adding hundreds of high-quality jobs,” Arizona Governor Doug Ducey said. “In addition, I’m pleased that the proceeds from Nationwide’s purchase of State Trust Land for this significant mixed-use development will support K-12 public education in our state.”
In September, Nationwide Realty Investors purchased the 134-acre site for the Cavasson development at state auction. Proceeds from the purchase to go the Permanent Land Endowment Trust Fund, designated for the benefit of Arizona K-12 public education.
“The Arizona State Land Department is proud to be part of building the economy through this collaborative effort,” said State Land Commissioner Lisa A. Atkins. “The site, purchased from the State Trust by Nationwide Realty Investors for mixed-use development is a catalyst for creating an even more healthy and prosperous economic future for Arizona.”
“We are appreciative of the creative and collaborative approach to public/private partnership that the state of Arizona and the City of Scottsdale took to make this development possible,” said Ellis. “The culmination of our enterprising partnership is a world-class project in a high-profile location, creating jobs and serving as a powerful economic engine for the region.”
“The announcement that Nationwide will grow its Arizona operations by over 500 new jobs is excellent news for our state,” said Sandra Watson, President & CEO of the Arizona Commerce Authority. “Thanks to companies like Nationwide, Arizona is home to the second-largest concentration of business and financial services jobs in the nation and is recognized as a global leader in the industry.”
“A company with a reputation for quality like Nationwide Realty Investors does more than provide substantial economic impact to the city of Scottsdale; they enhance the vibrancy of our community and quality of life in our great city,” said Scottsdale Mayor Jim Lane. “We look forward to seeing this development break ground and appreciate the team at Nationwide for choosing Scottsdale.”
Nationwide Realty Investors has been actively developing and investing in real estate in Arizona for more than 30 years. The company is recognized nationally as a proven developer of large, complex, high-performing, mixed-use environments that bring positive and lasting change to the communities in which they serve. Signature developments include Rivulon, the 3-million-square foot mixed-use project under development in Gilbert, Arizona, Gainey Ranch Corporate Center in Scottsdale, and the Arena District and Grandview Yard in Columbus, Ohio.
Cavasson is owned and developed by Nationwide Realty Investors, in partnership with Grayhawk Development. The Nationwide building along with other significant components of the first 30 acres of the development are expected to be completed in 2020.
Connie Weber, Arizona Commerce Authority, [email protected]
About the Arizona Commerce Authority
The Arizona Commerce Authority (ACA) is the state’s leading economic development organization with a streamlined mission to grow and strengthen Arizona’s economy. The ACA uses a three-pronged approach to advance the overall economy: attract, expand, create – attract out-of-state companies to establish operations in Arizona; work with existing companies to expand their business in Arizona and beyond; and help entrepreneurs create new Arizona businesses in targeted industries. For more information, please visit www.azcommerce.com and follow the ACA on Twitter at @azcommerce.
Located along Loop 101, at the southwest corner of Hayden Road and Legacy Boulevard, Cavasson will be a 134-acre premiere mixed-use development in Scottsdale featuring approximately 1.8 million square feet of best-in-class commercial office space, including a 460,000-square-foot world-class Nationwide corporate facility. Upon completion, Cavasson will feature nearly 1,600 residential units, hotels and retail, restaurants and shops, in a pedestrian friendly setting with bike paths, green spaces, and community gathering areas. For more information visit www.cavasson.com.
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the U.S. and is rated A+ by both A.M. Best and Standard & Poor’s. The company provides a full range of insurance and financial services, including auto, commercial, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; banking and mortgages; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com. Nationwide, Nationwide is on your side, Join the Nation and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company.