Chuck Wells, Managing Principal of Advisors Commercial Real Estate (“ADVISORS”) and his team (Trask Switzenberg and Darrell DeShaw) are representing developer HCW, LLC and JV Partner Thompson Thrift Retail Group in redeveloping Phase II of the Downtown Ocotillo retail center in Chandler, Arizona. The redevelopment is designed to better suit the desires of the community by attracting “best of” local concepts.
The proposed 13,000-square foot retail development, with a project cost of approx $5 million, will replace a former 8,000 SF building designed for a restaurant that never occupied the building following its construction in 2008. The redevelopment will be unique, by Arizona standards, in that if offers lakeside patio views and will be designed and promoted to offer retail and restaurant space that is more functionable and adaptable to current market trends of smaller, local concepts that service the local community.
“Neighborhood operators make a personal connection with their customers, and vice versa,” commented Wells, “It’s those type of restaurant and retailers we intend to occupy this project, as it is my observation that local operators excel at understanding and servicing high income but casual neighborhoods such as this. Corporate concepts focus on operating manuals, local operations focus on relationships”.
Some highlights for Downtown Ocotillo, Phase II:
• Centrally positioned in the heart of Silicon Desert – home to AZ’s high-tech industry
• +/- 26,500 high income employees within a 5-minute drive
• +/- 67,000 high income employees within 10-minute drive
• Approximately 61,000 residents with average HH Income of +/- $106,000 within 3 miles
•Approximately 500 upscale Apartments within walking distance
•Approximately 300 Hotel rooms within walking distance
• Limited competition, underserved trade area for “Best of Local” operators
• Planned delivery date of Q2, 2019
A longtime resident of Phoenix and industry veteran, Wells has been intimately involved in a number of signature projects throughout Arizona and is regarded as an industry expert in retail, restaurant and hospitality.