By Catherine Reagor | The Republic
Plans call for a new office building and Marriott hotel in a project underway along Phoenix’s Camelback Corridor, one of the area’s most prestigious business addresses.
Two 1970s-era buildings have been torn down to make way for a midstory 120,000-square-foot office and 160-room AC Marriott hotel on the south side of 28th Street along Camelback Road.
Las Vegas-based developer LaPour Partners paid $17.47 million for the 3.6acre site last September. The new project, scheduled to open in late 2018, is called Camelback Collective.
“Camelback Collective is a high-profile project for the area,” said Jeff La-Pour of LaPour Partners in a statement.
Graycor Construction Co. is handling the design and build of the project that will include the first new office building to open on the Camelback Corridor in eight years.
“New developments like the Camelback Collective are important to maintaining and strengthening the Valley’s major employment centers, particularly those that are older and established like the Camelback Corridor,” said Jim Fijan of CBRE, who negotiated the sale of the land in September with Will Mast. The brokerage is also handling the leasing of the office space.
The redevelopment of other older office buildings along the Corridor is expected to also get underway soon. The middle of this office stretch, around 28th Street, has some outdated buildings that aren’t considered architecturally significant.
The average office vacancy rate on the Camelback Corridor is about 16 percent, slightly lower than the Valley’s overall rate, according to CBRE.
