One of the Class A offices at Rivulon. The Gilbert master-planned development will eventually be home to 3 million square feet of Class A office space. (Photo courtesy of Nationwide Realty Investors)
Rivulon moves forward with 2 upcoming office spaces
The 250-acre master-planned Gilbert development, Rivulon, is continuing to move along as its developers get ready to break ground on two 60,000-square-foot office spaces.
Nationwide Realty Investors, the developers behind the mixed-use project near Gilbert Road and the Loop 202 SanTan Freeway, has been seeing a lot of office momentum lately as they gear up to add the two components, says Tina Guegold vice president of Nationwide Realty Investors.
About 96 percent of the office and retail space currently available at Rivulon is leased up, Guegold says. Nationwide has finished 17,000 square feet of retail space at Rivulon and 275,000 square feet of office space across two buildings.
Another auto dealership is currently in the works at Rivulon as well, Guegold says. The dealership is still in the zoning process, and announcements as to what kind of dealership it will be are yet to be announced, she says.
But if you drove by the area, you’d see a Volvo sign at the site of the upcoming dealership. There is already a 7-acre Mercedes Benz Dealership at Rivulon.
Upon completion, Rivulon will consist of 3 million square feet of Class A office space, about 200,000 square feet of retail space and be home to a 250-room hotel. The entire development will end up being a $750 million investment by its sole developer, Nationwide Realty Investors.
Plans for the hotel are currently in the works, and are expected to be announced soon, Guegold says.
Many of the office tenants at Rivulon are in the finance and investment industries, including Thomas Title & Escrow, Merrill Lynch and Finance of America Mortgage.
Isagenix, a multi-level marketing company for dietary supplements, is headquartered within a 150,000-square-foot office complex at Rivulon. The offices opened in 2015.
Building construction at Rivulon started in 2014, and Nationwide started getting the land together for the master-planned project around 2007 and 2008, Guegold says.
Guegold expects Nationwide will be developing at the Rivulon site for many years, and each decision to add more office and retail components will be market driven, she adds.
Recently, a water feature was completed near the entrance to Rivulon and Nationwide envisions higher-end restaurants dotting the boulevard as folks enter, Guegold says.
At the moment, Rivulon’s retail tenants include eateries such as Jersey Mike’s and Sauce Pizza & Wine. A Yogi’s Teriyaki & Sushi and Wildflower Bread Co. are slated to open in the near future.