The City of Scottsdale has an exciting development underway that has the potential to bring significant long-term economic growth into the community. The SkySong project is a 1.2 million square foot mixed-use property plan from the Arizona State University Innovation (ASU) Center. The development spans over 42 acres and has been in different stages of progression in recent years. The completed projects include office, retail, restaurant, residential, parking, and other developed business spaces. SkySong 6, its latest project, is a 340,000 square foot building with floor to ceiling glass windows located at Scottsdale and McDowell Roads. In addition to state-of-the-art construction and amenities, this development will include an expansive pedestrian and biking pathway system and outdoor meeting areas. Here is more on the latest news with Scottsdale’s SkySong Project:
ASU’s SkySong Project
According to its website, SkySong’s goal is to “attract cutting-edge and innovative companies and their base of knowledge workers from around the world, integrating the resources of ASU with the opportunities of the private sector.” The plan for the 42-acre mixed-use project is to create more than 1.2 million square feet of space. SkySong has seen tremendous success, and it already has 90% occupancy of its 1, 2, 3, and 4 buildings. SkySong 5 finished construction in September 2019 and is accepting new tenants. The SkySong Apartments are leasing and SkySong 6, is currently under development. SkySong has already had an incredibly positive economic impact on the community. The project has increased property values and attracted several cutting-edge employers and businesses into the area.
Updates to the SkySong Project
Recently, the City of Scottsdale approved a modification to SkySong’s most recent project’s ground lease. The change added 1.5 acres along McDowell Road. With this alteration, a current parking garage could be transformed into as much as 120,000 square feet of retail, office, and hotel space. The lease could also potentially bring the City of Scottsdale approximately $3.6 million in future payments.
In mid-May, Utah-based IE Corporation, a leading manufacturer of data center technology, announced that Skysong would be the location of its first permanent Arizona office. The company will be leasing a 2,336-square-foot space in SkySong 2. IE Corporation’s recent announcement is representative of the type of innovative technology-based deal that the project was designed to attract and support. Already home to Fortune 500 companies, start-ups, and businesses, SkySong is serving the needs of today’s most innovative entrepreneurs. As Maricopa County shifts towards becoming a new technology hub, SkySong is positioned to be a central location for the industry.
Laura B. Bramnick is an experienced Arizona real estate attorney who can help you manage all aspects of your Arizona real estate matter. If you are seeking an exceptional, client-driven real estate lawyer in Scottsdale, Phoenix, Sedona, and throughout the State of Arizona, contact Laura B. Bramnick to schedule your consultation.