Tag Archives: Concord Eastridge

Jeff Arnold, co-founder of Concord Eastridge, passes away

Jeff Arnold, Co-founder and President of Concord Eastridge

Jeff Arnold, Co-founder and President of Concord Eastridge

Jeff Arnold, one of the founders of Concord Eastridge and its president, passed away on Oct. 15 in Phoenix.

Arnold, 67, suffered a major cardiac episode earlier this year and was on the road to recovery when a complication occurred resulting in his passing. Arnold co-founded Concord Eastridge in 2004 with his wife and business partner, Susan Eastridge. Eastridge, Arnold’s wife of 23 years, serves as the CEO of Concord Eastridge.

“As a leader, Jeff was strong, smart and bold, challenging us all to exceed expectations,” Eastridge said. “His passion for real estate development was the driving force behind his leadership, mentorship and results. As a husband and a friend, he made us proud, brought joy and celebrations into our lives, and empowered us to live our priorities.”

During Arnold’s 30 plus-year professional career, he was directly involved in the development of more than 50 commercial developments throughout the country.

Prior to forming Concord Eastridge, Arnold operated Concord Partners, LLC. of Washington, D.C., and also Concord Companies of Arlington, Virginia.

Among his most recent Concord Eastridge developments:

·      The $25 million “L” multifamily/retail project currently being constructed in downtown Raleigh, North Carolina.
·      The development of a 164-key Marriott and conference center hotel on North Carolina State University’s Centennial Campus, currently in the design phase.
·      The Eagle Village $100 million development in Fredericksburg, Virginia, completed in 2010. The second phase encompasses the 93-key, $15.9 million Hyatt Place Hotel, which opened in January 2014.
·      The $62 million Hampton Roads Transit New Southside Bus Maintenance Facilities and Administration Building in Norfolk, Virginia, completed in 2012. The second phase, in the financing stage, will be a mix of multifamily and retail uses.

Arnold was a licensed real estate broker in Maryland, Virginia, Pennsylvania and the District of Columbia. Over his career he was a member of many local and national industry organizations.
Arnold obtained his bachelor’s degree in Political Science from Wesleyan University and his MBA degree in Finance and Real Estate from The Wharton School at the University of Pennsylvania.
In addition to his wife, he is survived by his daughter and her husband, Christine and John Fruehwirth of Potomac, Maryland and their children, Ryan, Anna, and Logan; as well as his son and his wife, Steve and Farrah Arnold of Lutherville, Maryland and their children Sasha and Liam. He is also survived by his parents, Robert and Jean Arnold of Cleveland, Ohio; sister Judith Arnold of East Windsor, New Jersey; and his niece Leslie Eastridge of Scottsdale, Arizona and her son, Saxon Fleischman.

USA Place includes a 390-room Omni International hotel, 65KSF events center and exhibit hall, 545 Class-A apartments, 180KSF of street level retail, 240KSF of office space and underground parking. Rendering courtesy of Concord Eastridge.

Valley sports venues a slam dunk for developers

The Valley is already home to the largest concentration of Major League Baseball fields, used during the Cactus League Spring Training, but even more sporting venues are breaking ground and with them a variety of mixed-use retail, hospitality and multi-family developments. USA Place, Avenue Shoppes at P83 and Riverview Park are such milestone investments in the Valley. Between the three projects, more than three-quarters of a billion dollars is coming out of the ground next to major sports venues. There’s something to be said about the generating return of investment when a few months of star-quality use also needs to spur another eight to 10 months of revenue.

The key behind the three projects is that developers are focused on what happens when USA Basketball and Major League Baseball Spring Training games are not filling the stadiums. It’s the “off-season” activities that return the investment and ensure successful revenue streams. These are “they’re coming; now we can build it” developments. However, each has its own business plan for success.

A City Built Around a Campus

Susan Eastridge, Concord Eastridge

Susan Eastridge, Concord Eastridge

When USA Place, the largest of the trio, broke ground in February, it became the second-largest Phoenix Metro project under construction. Its $450M price tag is second only to the nearby $600M Marina Heights project. Designed by Future Cities, one of the development partners, and Architekton, the single-phase project is being built by Turner Construction. CBRE is handling the office and residential leasing; Cushman & Wakefield is leasing the retail.

The joint venture that is USA Place LLC is run by Scottsdale-based Concord Eastridge. CEO Susan Eastridge says the project is the ultimate urban mixed-use development. Located on the future Tempe trolley line, USA Place is the new home to USA Basketball and Arizona Interscholastic Athletics. When it comes to filling the venue, AIA and landlord Arizona State University are the ones who will keep the 65KSF events center filled 10 months of the year. Eastridge says there are already 200 events a year locked into the facility.

Alisa Cutright-Thompson, Concord Eastridge

Alisa Cutright-Thompson, Concord Eastridge

“This is a community where people can literally live, work and shop,” explains project manager Alisa Cutright-Thompson. “We have retail shops, apartments for professionals, the events center, meeting space and a hotel in a single urban complex.”

“We’re building something that ASU and Tempe have wanted — a class-A hotel and mixed-use community,” says Eastridge.

“The AIA will fill the center with more than 200 events per year. Conferences and meetings from the hotel will fill the rest. The residents will connect with the shops.”

The high-rise, full-service hotel- and tallest building in Peoria- will have 140 rooms and likely carry a Hilton brand. The restaurant-retail complex will include more than 245KSF in space. The city is paying $30M for the twin parking garages that PSP LLC will build. Avenue Shoppes at P83. Image courtesy of Peoria Sports Park, LLC.

The high-rise, full-service hotel- and tallest building in Peoria- will have 140 rooms and likely carry a Hilton brand. The restaurant-retail complex will include more than 245KSF in space. The city is paying $30M for the twin parking garages that PSP LLC will build. Avenue Shoppes at P83. Image courtesy of Peoria Sports Park, LLC.

A Venue for Westsiders
One of the largest projects in the West Valley will be the $150M mixed-use retail and hospitality development called the Avenue Shoppes at P83. Anchoring the main gate of the Peoria Sports Complex, the project brings life to the P83 entertainment district the city is trying to create.

“This is going to be a destination,” says Peoria Sports Park LLC managing member Michael Oliver. The Peoria-based developer says his personal experience is what led to the vision for the facility. “There are no entertainment and shopping destinations in Peoria. We’re going to anchor this with a complex that is in a category falling between Scottsdale Fashion Square and Kierland Commons. It will be a place to go and stay, not just shop and run.”

The development includes city-funded parking garages and a 140-room, high-rise hotel. Not including the rooftop bar, there are 245K SF for restaurants and shopping. PSP is looking at a major flag for the hotel, which will be set on top of the retail complex on city-owned land.

The Avenue Shoppes will start construction in the next year and is estimated to costing $150M. Michael Baker Jr. Inc. is handling design duties; a contractor has not been selected. CBRE is consulting on leasing.

The Cubs Park stadium has touches of Wrigley Field. The bricks behind home plate and the scoreboard are replicas of the same facilities at the Chicago ballpark. The Sheraton Hotel and Wrigleyville will be east of Cubs Park. Photo by Eric Jay Toll.

The Cubs Park stadium has touches of Wrigley Field. The bricks behind home plate and the scoreboard are replicas of the same facilities at the Chicago ballpark. The Sheraton Hotel and Wrigleyville will be east of Cubs Park. Photo by Eric Jay Toll.

Mesa ‘Ville Plans Year-Round Action
“This is new money in the market, and it’s a destination with both regional and local opportunities,” says Mesa Mayor Scott Smith about the showcase Cubs Park and hometown Riverview Park complex nestled against the Loop 101 and 202 freeways in northwest Mesa. “It’s the anchor for a lot of activity,” he adds. “Wrigleyville’s hotel and shops provide an opportunity for conferences and sports events.”

The city invested more than $90M into Cubs Park and another $30M into the recreation and sports facilities at Riverview Park. Structures, Inc., and Powers Hotel Corp. will build a full-service Sheraton Hotel next to Cubs Park, along with 20K SF of retail space in the first phase.

Construction starts this summer and developer Bob Yost expects it to be completed in time for the Super Bowl. Structures Inc., with Yost as CEO, is handling the design-build. It’s estimated that the hotel-retail project will cost more than $60M, but no one from Structures would confirm the price tag.

Roosevelt Point

Roosevelt Point Launches Website and Leasing Office

The buildings at Third Street along Roosevelt Row have been steadily rising into the Downtown Phoenix skyline since breaking ground in March.

Now the project has a name reflecting its geographical and social place in the community: Roosevelt Point.

In addition to the new name, Memphis-based EdR and Scottsdale-based Concord Eastridge are launching the public website for potential residents to find more information on the project:  RooseveltPoint.com.

The temporary leasing office will open in the Arizona Center next to the AMC movie theater on Oct. 3, but the staff is available to answer calls now at (877) 804-7115. The leasing office address is 455 E. 3rd St., Suite #1080, Phoenix, 85004.

The project’s completion date is targeted for July 2013. The two apartment buildings are designed to be attractive options for students and new graduates affiliated with Arizona State University Downtown Phoenix Campus, University of Arizona’s College of Medicine and the Phoenix Biomedical Campus and other young urban professionals.

Upon completion Roosevelt Point will include approximately 326 apartments with studios, one-, two-, three- and four-bedrooms. Each bedroom will have a private bathroom.  The community will also feature a parking garage and other upscale amenities such as common areas, fitness and tanning facilities and swimming pools.

Rent levels have not been determined, but will include all utilities, high speed Internet and basic cable service.

7,500 SF of retail space fronts Roosevelt and Fourth streets and will be subdivided depending on future tenant needs. The company will seek retailers that will appeal to all downtown residents.

Concord Eastridge is developing the project, which will be owned jointly with EdR.  EdR is the majority owner and managing member of the joint venture and will manage the community. Hardison/downey is the general contractor.

downtown phoenix housing

Multi-Family: Downtown Phoenix Housing Project

Downtown Phoenix Housing Project

Developer: Concord Eastridge
General Contractor: hardison/downey
Architect: Ayers Saint Gross
Location: Roosevelt St. to the north; McKinley St. to the south; Fourth St. to the east; Third St. to the west
Size: 2.9-acre site comprising 2 parcels
The $52M, 2-building, mixed-use project is the first private investing supporting Downtown Phoenix student housing. Plans call for 325 apartment units and 5,000 SF of retail space. Subcontractors include Spectrum Engineers, Dibble Engineering, PK Associates and SmithGroupJJR (landscape architect). Expected completion is 3Q 2013.

AZRE Magazine May/June 2012

Concord Eastridge

Concord Eastridge: Downtown Phoenix's Newest Residential Housing Project

A new residential housing project will take over one of Phoenix’s most visible vacant lots in downtown to construct the two-building project of Concord Eastridge.

Sitting on 2.89 acres of vacant land in the Evans Churchill neighborhood of downtown Phoenix, Concord Eastridge will meet the demands of students and young professionals seeking an urban lifestyle. The two-building project is the first of its kind supporting downtown student housing for the growing education sector of Arizona State University’s downtown campus, University of Arizona’s College of Medicine and the Phoenix Biomedical Campus.

The project, designed to be an attractive option for upper level students, new graduates and young adults within the community will boast approximately 325 apartment units and 5,000 square feet of retail space. The project on its own is being recognized for the positive impact it will have for the downtown Phoenix economy as the newest housing addition to the Roosevelt Row area.

Join Phoenix Mayor Greg Stanton, Concord Eastridge CEO Susan Eastridge and financing partner Tom Trubiana of EdR, Tuesday, March 6, 2012 for the groundbreaking of the ceremony at 10 a.m. at the Southwest corner of Fourth Street and Garfield in downtown Phoenix.

To learn more about the new project, visit concordeastridge.com