$28M Retail Lifestyle Center
Development of 96,000-SF Lifestyle Center
Parkview Financial has provided a $28 million construction loan to Scottsdale, AZ-based Verde Gilbert, LLC, for the development of Verde at Cooley Station, a 10-building, 96,000-square-foot (sf) lifestyle center located at 17201-17361 E. Williams Field Road in Gilbert, AZ. Upon completion, the project will comprise 44,000 sf of retail; 13,000 sf of office; 31,000 sf of restaurant; and 8,000 sf fitness space. Verde Gilbert, LLC is a joint venture of three development companies led by SB2 Communities, LLC.
Verde at Cooley Station was designed to be a restaurant-centric, mixed-use project, populated with tenants less likely to be impacted by ecommerce disruption. At completion, it will feature 25 spaces for lease and will include The Green, a large open outdoor lawn area with a gazebo for musical events, fitness classes, movies in the park, and other activities.
With this loan, vertical construction has commenced for the first phase which includes retail and a dozen dining concepts surrounded by The Green. Some of the stores will open for business late 2021, and a planned grand opening is planned for Q1 2022.
The second phase consists of 24,000 sf of retail; 12,000 sf of office; 3,000 sf of restaurant; and 8,000 sf of fitness space. This phase is anticipated to complete in late 2022.
The Parkview Financial origination team saw this as a compelling opportunity to provide a construction loan for this strategic, high-quality project within the greater Phoenix market, which continues to experience population and job growth exceeding the national average.
“The immediate area surrounding the site has been undergoing a significant amount of residential construction over the past five years with an additional 2,300 residential units in various planning stages,” said Paul Rahimian, CEO and Founder of Parkview Financial. “Verde at Cooley Station is poised to be an ideal fit for this vibrant and growing community and we are pleased to partner with this experienced developer.”
“From the beginning, we had the vision of creating a new paradigm of commercial development, with a restaurant-centric component as the anchor of a mixed-use project which would be activated all day by residents and others shopping, working and dining in Verde at Cooley Station,” said Norman Brody Managing Director with SB2 Communities.