YAM Properties began construction at YAM Circle, a 17,800-square-foot shopping and dining hub in North Scottsdale. Site preparations for the complex – located at the traffic circle connecting Hayden Road and Northsight Boulevard, just south of Frank Lloyd Wright – began last fall with the demolition of the vacant structure formerly home to Harley-Davidson of Scottsdale.
The developer, YAM Properties LLC, is the Scottsdale-based real estate investment and development group of entrepreneur and philanthropist Bob Parsons. During the past five years, YAM Properties has acquired more than 2 million square feet of commercial properties in Arizona, valuing more than $500 million. Previously specializing in acquisitions and redevelopment of existing properties, this will be the first project YAM Properties will build and develop from the ground up.
“YAM Circle is a prime North Scottsdale location, and we’ve had strong support from our retail partners,” said Dan Dahl, director of real estate for YAM Properties. “More than 90 percent of the space has already been pre-leased to shops and restaurants that will be a natural fit for the area.”
Locally owned State 48 Barrel & Lager House will be the anchor tenant for the development and its 7,400-square-foot restaurant will include two levels and a large patio space. This will be the third State 48 concept for owner Mario Rana, and is slated to open in October 2018. The gastropub will have a full-service kitchen and specialize in its own barrel-aged beers, brewed right on site, and will be the only all lager brewery in the state.
“Expanding to YAM Circle will allow State 48 to reach a new audience and increase our craft beer production in the process,” said Rana. “North Scottsdale has a reputation for incredible restaurants, and we’ll absolutely meet that high expectation. We’ll also bring with us some delicious local brews that you simply can’t find anyplace else.”
At full buildout, YAM Circle will feature another 4,200-square-foot restaurant, an 800-square-foot drive-thru pad and 5,000-square-feet of retail space. Additional tenants will be announced throughout the year, leading up to the October grand opening. Hardison/Downey Construction Inc. is the project’s general contractor, and YAM Properties is handling leasing efforts, in addition to development. Interested tenants should visit YAMProperties.com.