Construction to Begin Next Month on Premier Urban Development
CBRE has been awarded the marketing assignment for the ±240,000-square-foot office portion of USA Place, the ±1.4 million-square-foot, mixed-used project being developed by a joint venture between Concord Eastridge, Future Cities and Harris Sports & Entertainment. The multi-block development project will be located at the southeast corner of University Drive and Mill Avenue in downtown Tempe’s Mill Avenue District.
Construction on the project is slated to begin next month and will host ±240,000 square feet of office space in two buildings fronting Mill Avenue. Portions of the 5- to 6-story offices are preleased to USA Basketball, which will be relocating its headquarters to USA Place from Colorado Springs, Colo.
USA Basketball announced its decision to relocate to Tempe last summer amid much excitement. The nonprofit organization is the national governing body for men's and women's basketball in the United States, including International Basketball Federation (FIBA) and the United States Olympic Committee (USOC) related programming. In addition to the headquarter offices, a new 4,500-seat, multi-court event center will serve as the training site for USA Basketball primarily in the summer months and for regional youth and adult recreational and competitive athletics programming the rest of the year.
“Attracting an organization like USA Basketball to Tempe is a huge win for the metro area and was really the catalyst for the development of USA Place,” said CBRE’s Jerry Roberts, who along with Corey Hawley and Pat Boyle will head up the marketing and leasing team for USA Place’s office space. “Between the programming and events offered by USA Basketball, its adjacency to ASU and the incoming Omni Hotel and Convention Center, USA Place is going to draw hundreds of thousands of visitors to Tempe every year. The Mill Avenue District is already considered the premier urban destination in greater Phoenix and USA Place will only add to that.”
In addition to the estimated 300,000 visitors per year USA Place will draw, the state-of-the-art project is expected to draw the interest of major companies looking to locate or expand in metropolitan Phoenix. The development’s planned ±240,000 square feet of office space will be designed as class A additions to the downtown Tempe market, and will likely be met with high demand as Tempe continues to exceed industry market conditions with an overall class A office vacancy rate of 3.8 percent and downtown rate of only 3.4 percent.
“There is an increasing shortage of quality, contiguous office space across the Valley, and particularly in Tempe. USA Place will offer large blocks of space that will be unmatched in terms of location and quality,” said Roberts. “The Mill Avenue District already offers an amenity base that is unrivaled in terms of walkability and urban appeal and the addition of USA Place will only add to that.”
USA Place will be located in the core of a major employment hub with more than 200,000 jobs in a five mile radius; and there are numerous restaurant, retail and entertainment options within blocks of the project, in addition to those that will be available on-site once USA Place is completed.
At build out, the ±10-acre USA Place will feature more than 240,000 square feet of class A office space; ±180,000 square feet of retail space; a 390-room, 14-story, luxury, four-diamond Omni Hotel and Conference Center; 4,500-seat event center that will host USA Basketball, the AIA, and other community events. Additionally, more than 500 luxury apartments and lofts will be situated above the interior street-level retail space.
Jerry Roberts can be reached at (602) 735.5528, Corey Hawley is at (602) 735.1742 and Pat Boyle is at (602) 735.5275.