The Grand at Papago Park Center Unveiled in Suburban Phoenix
- Oct 05, 2016
by Evelina Croitoru
Phoenix—Salt River Project has unveiled The Grand at Papago Park Center, a canal-themed, mixed-use project that will soon rise in Tempe, Ariz., on the last parcel of undeveloped land within one of the largest industrial parks in the state. The company launched the project at an opening celebration held on October 3, 2016.
Construction of The Grand started in 2014 with the relocation of the canal, creating a water feature to run through the development. In 2015, Papago Park Center Inc., The Grand project’s master developer and a subsidiary of SRP, selected Lincoln Property Co. and Goldman Sachs to build the first office building at The Grand—a 220,000-square-foot facility with occupancy anticipated in January 2017. The first 300-unit apartment community is scheduled to open by the first quarter of 2017, with completion expected by 2019.
At full build-out, The Grand will comprise more than 3.2 million square feet of commercial development, including roughly 2 million square feet of mixed-use office space and up to six ten-story class-A office buildings, two hotels, 550 apartment units and retail space. The 58-acre, high-profile, urban mixed-use development rising within the 350-acre Papago Park Center will add 8,000 employees and residents to an existing base of approximately 10,000 people.
It is expected that the project will take between 15 and 20 years to complete, although changes may occur, depending on market conditions.
Image Courtesy of Salt River Project