May 11, 2020 Comments Off on Plaza Cos. Expands Ground Lease, Eyes Additional Development at SkySong Views: 419 Phoenix, Phoenix & Southwest News

Plaza Cos. Expands Ground Lease, Eyes Additional Development at SkySong

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Plaza Companies expanded the footprint of SkySong in Scottsdale with the addition of 1.5 acres to its ground lease. Scottsdale approved the modification to the city-owned parcel along McDowell Road, which previously hadn’t been included in the overall master plan of 42-acre mixed-use development that will include more than 1.2 million square feet upon build-out.

Plaza Companies’ Sharon Harper says, “This is a great step forward for SkySong, and will provide even more opportunity for growth and increased economic impact. The addition of this parcel to the overall project development plan will give us a great deal more flexibility and opportunity to attract tenants.”

The parcel, which is currently being used for parking, could be developed with as much as 120,000 square feet of new construction and generate roughly $3.6 million in lease payments. Potential uses include office, retail and hospitality, though residential uses are prohibited.

SkySong is a partnership between master developer Plaza Companies, Holualoa Companies, University Realty and the city. Lee & Associates’ R. Craig Coppola and Andrew Cheney handle leasing.

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