Golub Completes Scottsdale Waterfront

GOLUB COMPLETES SCOTTSDALE WATERFRONT’S COMMERCIAL COMPONENTS

Plans Adjacent Residential Condominium Building 


December 2005 – A joint venture led by Golub & Company has completed a commercial building containing approximately 200,000 square feet in the mixed-use Scottsdale Waterfront, located at Scottsdale and Camelback Roads in downtown Scottsdale, Arizona, said Lee Golub, executive vice president. He also announced that in the near future the company plans to develop luxury residential condominiums on the adjacent four-acre site on the bank of the Arizona Canal.
 
The commercial’s building’s 100,000 square feet of ground-floor retail space is approximately 95 percent leased. Borders, the anchor tenant with 26,000 square feet, PF Chang’s China Bistro, Urban Outfitters and Sur La Table are open for business this month. Eddie V’s Wildfish, Fiesta Bowl Museum, Estillo Boutique, Isaac Jewelers, Pink Taco, Sauce, Twist Boutique, Mahsa and Swoozies will open during the first quarter 2006, with the opening of Waterfront Market following shortly thereafter.

The office condominium space of approximately 100,000 square feet on the building’s second floor is 100 percent pre-sold, with closings anticipated for the first quarter 2006. Purchasers include Shea Commercial Properties, LLC, Harvard Investments, Inc., and Arizona Sports Foundation (Fiesta Bowl).
 
“Scottsdale Waterfront is meeting our highest expectations of success,” noted Lee Golub. “The City was very receptive to our concept, and we believe we have delivered on our promise by assembling a mix of restaurants and shops that will make this a great destination for both local residents and visitors.”

The office and retail portions of Scottsdale Waterfront are a joint venture of Golub & Company, Greenwich, CT-based Starwood Capital Group, and International Development Management (IDM) of Austin, TX.

Choice retail space remains available. The Corritore Company (480-947-7200) of Scottsdale is the exclusive retail leasing agent.
The architects for Scottsdale Waterfront, Chicago-based Solomon Cordwell Buenz & Associates and Scottsdale-based H&S International, focused on a pedestrian-oriented urban design consistent with the City's vision and the existing southwestern character of the surrounding community. The design concept, incorporating a variety of building materials, varied pedestrian arcades and trellises, and diverse window lines and facade treatments, creates the illusion of multiple buildings constructed over a period of time.

Chicago-based Golub & Company (www.golubandcompany.com) and its affiliates are active internationally in real estate development, acquisitions, asset and property management, leasing and corporate real estate services. Overall, the company has owned, leased and managed more than 30 million square feet of commercial and multifamily real estate properties.