Tag Archives: USA Place

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.

USA Place rendering, WEB

Cushman & Wakefield Awarded USA Place Leasing Assignment

Cushman & Wakefield of Arizona, Inc. has been awarded the exclusive retail leasing assignment of 180,000 SF at USA Place, a 10.7-acre mixed-use development that will serve as the new home of USA Basketball.

“This project will be a draw to a diverse group of consumers,” said Summer Jackson, associate director with Cushman & Wakefield’s Retail Advisors.  “Appealing to the professional, business traveler, sports enthusiast, athlete, student, resident or tourist, it will be one of a kind to the Arizona market.”

At 1.4 MSF, USA Place is expected to break ground next month at one of the busiest and most desirable business locations in the Valley – along Tempe’s historic Mill Avenue and University Drive.

At full build out, USA Place will feature amenities including:
>> 180,000 SF of retail space to include restaurants, shops and service oriented uses;
>> More than 240,000 SF of Class-A office space, including the new headquarters of USA Basketball.
>> A 390-room, 14-story, Four Diamond Omni Hotel and Conference Center;
>> 4,500-seat Event Center that will play host to USA Basketball, the Arizona Interscholastic Association, and community events;
>> More than 500 luxury apartments and lofts atop street-level retail.

The developer of the project is USA Place, LLC, which is comprised of three entities led by Susan Eastridge of Concord Eastridge, Inc., Michael Hallmark of Future Cities LLC, and Rob Harris of Harris Sports and Entertainment LLC.

“The Cushman Wakefield team was most responsive in understanding our retail goals for USA Place,” said Susan Eastridge, CEO of Concord Eastridge. “USA Place is an urban gathering place for retailers that will find synergies with one another within the major objectives of USA Place to showcase amateur sports, wellness, fitness with both national and local ‘best in class’ food and beverage and soft goods purveyors.”

High-end national tenants are expected to occupy the prominent retail spaces. Other retail options will include trendy wine bars and coffee houses, restaurants, an urban grocer and soft goods.

Adjacent to ASU and the Mill Avenue district, USA Place will also capitalize on a thriving arts and culture district that includes the Tempe Center for the Arts, Gammage Auditorium, local art galleries, cinemas, and concert venues.

In addition, the 50,000 SF event center floor will allow the Omni to stage exhibitions, banquets, and presentations – doubling conference center capacity.

“Specializing in mixed-use developments and the Mill Avenue district, Cushman & Wakefield is excited to be a part of this landmark project,” Jackson said.
Responsible for more than 4 MSF of product in Metro Phoenix, the Cushman & Wakefield team of Jackson, Courtney Auther and Brian Kocour will handle the retail leasing assignment at USA Place.