Phoenix, AZ – BREW is reporting that LaPour Partners Inc. in Las Vegas, Nev. (Jeff LaPour, principal) has teamed up with Holualoa Arizona Inc. in Tucson (Mike Kasser, principal) to develop a $75 million office-hotel project at the southeast corner of 28th Street and Camelback Road in the Biltmore area of central Phoenix.
LaPour Partners agreed to acquire the 3.618-acre site, and been working to obtain zoning approval for the mixed-use project. Fast forward one year. Zoning is in place. Holualoa has been secured as a venture partner. And in a cash sale, Camelback Collective Holding LLC (LaPour/Holualoa entity) paid $17.475 million ($110.88 per foot for the land) to purchase the property.
The site, which is now occupied by a group of office buildings, has addresses of 2801-2845 E. Camelback Road. The prime real estate was sold by Daily Double LLC in Phoenix, formed by Turf Paradise horse track owner Jerry Simms.
The deal was brokered through Jim Fijan and Will Mast of CBRE in Phoenix.
The Class A mixed-use project, being called Camelback Collective, is comprised of 120,000 sq. ft. of office space in a four-story building and a 160-room boutique hotel in a five-story structure. Construction on the spec office and the hotel is slated to start by year-end, with completion anticipated second quarter 2018. Contractor has yet to be named. Development cost (land and buildings) estimated at $75 million. Construction financing is now being arranged.
The office component will be creative space with high ceilings. Jerry Roberts and Pat Boyle of CBRE have the leasing assignment. Plans include an upscale, select service hotel, which the venture will develop and own. Sources say the developer has finalized a deal to fly the new AC Hotels By Marriott flag on the hospitality amenity.
The prime Camelback Road site is now occupied by 68,000 sq. ft. of office space in four, single-story buildings that were developed in 1978. The structures will be razed for the redevelopment.
Get more from LaPour at (702) 222-3022. Aroon Chinai is the contact at Holualoa, call him at (310) 566-3061. Talk to Simms at (602) 942-1101. The CBRE agents are at (602) 735-5555.
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