Shopping Center Business: Development Kicks Off At Cavasson
In Scottsdale, Arizona, an inspired mixed-use development is set to break ground. The 134-acre project is Cavasson, a development that is set to include approximately 1.8 million square feet of high-end commercial office space, along with 1,600 residences, hotels, and a diverse mix of retail, restaurants, and amenities.
Located at the northwest corner of Loop 101 and Hayden Road in Scottsdale, Cavasson is owned and developed by Nationwide Realty Investors, in partnership with Grayhawk Development.
The initial phase of the project, which will break ground later this year, includes several commercial office buildings — including a 460,000-square-foot, multi-story regional headquarters for Nationwide Insurance — multifamily apartments, a six-story parking structure, retail, restaurants, hotels, and significant infrastructure improvements.
Developer Nationwide Realty Investors is not only recognized nationally as a proven developer of complex, high-performing mixed-use environments, but is also no stranger to ambitious Arizona projects. The Columbus, Ohio-based developer’s portfolio includes Gainey Ranch Corporate Center in Scottsdale; signature mixed-use developments like the Arena District and Grandview Yard in Columbus; and Rivulon, a 3 million-square-foot mixed-use project currently under development in Gilbert, Arizona.
The company’s $950 million Cavasson development is located in what the company’s President and COO Brian Ellis calls, “the best undeveloped site in the region.” The development’s appealing combination of, “tremendous visibility, great connectivity to amenities and services and outstanding access,” is driving what Ellis characterizes as unprecedented demand. With the project’s groundbreaking just mere months away, several significant tenant announcements are expected in the near future.
Cavasson’s 1.8 million square feet of office space is projected to accommodate between 8,000 and 9,000 employees, a critical mass of built-in business that — along with the on-site residents — will provide significant support for the development’s retail and restaurant tenants. In turn, the dining and service amenities will provide an appealing array of options for employees, residents, hotel guests and the surrounding community.
The value of those retail amenities, in conjunction with the development’s density of office and multifamily, is further elevated by a design that emphasizes neighborhood-style layouts and pedestrian-friendly connectivity. Tree lined sidewalks, bike paths, green spaces and community gathering areas abound, helping to make Cavasson a truly walkable and connected mixed-use community. Extensive landscaping will reflect iconic Southwestern elements and further contribute to a project that will feel like a natural addition to the surrounding landscape, while carving out its own memorable and defining sense of place.
Cavasson will also include a substantial infrastructure investment of approximately $30 million, delivering new roads, sidewalks, and improved connectivity. Ellis says that the upgrades will, “not only benefit the property, but also provide lasting benefits to significant acreage surrounding the development.”
The Cavasson name is inspired by western and equestrian themes, reflective of the project’s surrounding landscape rich with hiking and equestrian trails, and a fitting nod to the legacy of entrepreneurship and opportunity that has long been a part of the story of the American West. And at a time when the fast-growing Phoenix Metro market represents one of the most dynamic and fast-growing economic engines in the nation, introducing Cavasson to a strong growth and development market is simply adding more fuel to a growing fire.
That economic growth potential was specifically cited by Arizona Governor Doug Ducey, who praised the project, remarking that, “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.”
Scottsdale Mayor W.J. “Jim” Lane echoed those sentiments, stating that, “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.”
“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,” says Ellis. “The culmination of our partnership is a world-class project in a high-profile location, creating jobs and serving as a powerful economic engine for the region.”
Ellis points to Nationwide Realty Investors’ signature, “strategic, opportunistic and market-driven approach,” as a proven formula for creating the kind of a strong foundation that will support sustainable, long-term success for the surrounding region. And for Nationwide Realty Investors, a company that has been actively developing and investing in real estate in Arizona for more than 30 years, that “long term” focus is par for the course. In conjunction with Cavasson’s prime location, accessible neighborhood-style design, promise of impactful amenity retail options, high quality mix of multifamily and office, and influx of high-caliber jobs, it’s easy to see why Scottsdale-area residents and businesses have a lot to look forward to.
— Randall Shearin