New 16-story Ball Park Lofts to offer office, retail
Christia Gibbons
The Business Journal
A 16-story office condo building east of Chase Field and Seventh Street called Ball Park Lofts is in the works, a project of first-time high-rise developer Wayne McIntosh.
While it's early in the process, McIntosh said he's hoping to have the building at 811 E. Jackson St. up in two and a half years.
The project -- being developed by Ball Park Lofts LLC, consisting of McIntosh and other investors -- will offer offices above first-floor retail. Early projections are that office space will sell from $300,000 to $450,000 depending on size, and lease for $30 to $45 per square foot. Entire floors can be bought or leased, as can other configurations of space.
Architect Greg Mueller of San Diego-based Tucker Sadler Architects was hired for the project. Mueller has worked on Phoenix-area developments such as DC Ranch in North Scottsdale, the Hilton at Fountain Hills and WestGate City Center in Glendale.
"It's an ideal location for affordable office space," said leasing agent Dennis Kolodin of Realty Executives. "Obviously it will have beautiful views."
Kolodin also is the retail leasing agent for Orpheum Lofts, Tapestry on Central and Landmark on Central.
He said the Ball Park Lofts will not be in direct competition with the nearby CityScape project, as the land east of Seventh Street is "significantly less expensive than on the other side of the street."
Still, there's always some competition, and he and McIntosh said they hope the project is up before CityScape. The much-touted residential/office/hotel/entertainment project is planned for three city blocks from First Avenue to Second Street and Jefferson to Washington streets.
CityScape is scheduled for a first-phase opening in 2009, with completion in 2011. Developers include RED Development LLC, Barron Collier Cos., Novare Group, Cardon Development Group and Callison Architects.
A 25-year resident of the town of Paradise Valley and originally from Los Angeles, McIntosh was an investment banker for 20 years and a Denny's franchisee in Oklahoma, Texas, Louisiana and Arkansas. He's also worked with Bill Prather of El Paso Bar-B-Que Co.
"I love what's happening in downtown Phoenix," McIntosh said, remembering going to Suns games at the Veterans Memorial Coliseum. Thanks go to the city's redevelopment efforts and "Jerry Colangelo for bringing everything into downtown," McIntosh said of his interest in the area.
McIntosh said he has owned the land for about eight months, but would not reveal what he paid because he's trying to acquire more in the area. Light rail and railroad lines will be close by, he said.
"I could live anywhere in the country, and I've picked here. I adore it," he said.
At one time, he and his wife contemplated moving back to Newport Beach, Calif., but being stuck in traffic trying to take their children to Disneyland convinced them to stay in Arizona.
As for his downtown project, McIntosh said he'd like to be the first one out with some office lofts.
Get connected
CityScape:
www.downtownphxrising.org.
Realty Executives, Dennis Kolodin: 602-315-9292.
Tucker Sadler Architects:
www.tuckersadler.com.
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