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SHOWCASING THE NEWEST COMMERCIAL REAL ESTATE PROJECTS AROUND THE VALLEY
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Revitalizing Downtown Phoenix: The Power of Entertainment and Lifestyle Districts
Downtown districts across America are at an inflection point. As cities compete for residents, businesses and visitors, the quality of the downtown experience has become a decisive factor. According to Gensler’s City Pulse 2026 survey, the strongest predictors of a city’s ability to attract people are a walkable, enjoyable core and an environment that feels attractive, measured by cleanliness, programming and lighting. Lifestyle and entertainment districts are proving to be one of the most effective tools cities have to deliver on both.
Downtown Phoenix is emerging as a leading example of how sustained investment can revitalize an urban core. Since 2005, more than $8.3 billion in public and private funding has catalyzed a transformation that continues to reshape the city’s identity and experience.
Long defined by outward expansion, Phoenix is redirecting its momentum inward. Energy is returning to the center, where downtown is evolving into a culture-forward lifestyle hub. This shift is driven by layered investment in hospitality, culture, sports, residential, public realm activation and civic infrastructure, collectively redefining what a modern city center can be.
That momentum is reinforced by hospitality anchors, including the Renaissance Hotel and the new Denu Hotel and Spa. These projects introduce much-needed accommodations to meet growing tourism demand. They also create opportunities for art and cultural expression while
TOP PROJECTS
attracting a broader mix of visitors downtown.
The Warehouse District has emerged as one of downtown’s most compelling chapters. Chief innovation officer for the Phoenix Suns and Phoenix Mercury, Paul Rivers, has made a significant commitment to the neighborhood by investing in authentic, community-rooted development. This type of place-driven momentum strengthens a downtown from within and gives people a reason to explore, linger and return.
The confidence in downtown’s future is captured by some of the projects detailed in this month’s cover story, “Stacking over Sprawl,” illustrating scale that doesn’t happen in downtowns that are struggling — they happen in downtowns that have earned momentum.
What’s happening in Downtown Phoenix reflects what Gensler’s research consistently shows: Cities that invest in the experience of their downtown core — not just its buildings but also its streets, energy and identity — create the conditions for lasting competitiveness.
Downtown Phoenix is building exactly that — and the work is far from finished. 2023. — Jay Silverberg, design principal at Gensler (www. gensler.com/offices/phoenix), is a seasoned design leader with more than 30 years of experience crafting contextdriven spaces inspired by the Sonoran Desert.
Each quarter, In Business Magazine will present the top commercial projects being built and/or developed in the Valley. Top projects are those that are impacting the commercial real estate development sector and are transforming areas of the Valley. The details and images of these projects will be showcased along with the details behind them.
Papago Arroyo Building Reposition
Gensler transformed Tempe’s underperforming Papago Arroyo campus into a vibrant, hospitality-forward destination. Desertinspired design, rooted in native elements and Arizona monsoons, unified the fragmented complex, boosting tenant experience, leasing activity and market position.
Type of Project: Office
Location: 1275 W. Washington St., Tempe, AZ 85281
Developer: Southwest Value Partners
General Contractor: Derek Builders
Architect: Gensler
Landscape Design: TRUEFORM Landscape Architecture Studio
Interior Design: Gensler
Size: 225,000 SF
Date Completed: May 2025
XNRGY Manufacturing Facility & Headquarters
At 275,000 square feet, XNRGY’s new two-story advanced manufacturing and headquarters facility is located within the heart of the Gateway East development at the Mesa Gateway Airport. The design integrates production and innovation spaces, featuring a dramatic atrium and “labs on display” concept that showcases brand, efficiency and growth. XNRGY’s Mesa 1 facility achieved LEED Silver certification.
Type of Project: Manufacturing Facility
Location: 9019 E. Technology Ave., Mesa, AZ 85212
Developer: Boyer
General Contractor: Wespac Construction
Architect: Gensler
Landscape Design: Colwell Shelor
Interior Design: Gensler
Size: 275,000 SF
Date Completed: October 2025
Heritage Park
Heritage Park is a 10-acre mixed-use destination in Gilbert’s Heritage District designed to deliver a vibrant, walkable environment. The initial phase includes approximately 47,000 square feet of retail and restaurants; NOVEL Heritage Park, a 288-unit luxury multifamily community; more than 300 parking spaces; and a lush public square with water features, mature landscaping, public art and walking and biking paths. Future phases will include a 125-room hotel, office space and additional parking.
Type of Project: Mixed-Use
Location: 422 N. Gilbert Rd., Gilbert, AZ 85223
Developer: Creation
General Contractor: LGE Design Build
Architect: AV3 / LGE Design Build
Landscape Design: TRUEFORM Landscape Architecture Studio
Size: 10 Acres
Date Completed: Q4 2026 (initial phase)
The Switchyard
The Switchyard is a 10-acre, $120-million mixed-use development bringing Queen Creek its first walkable, integrated downtown district at Ellsworth and Ocotillo roads. The project will feature 54,000 square feet of restaurant, retail and office space, along with a future 215-residence multifamily community. The Switchyard includes tenants like Postino, Shake Shack, Snooze, an A.M. Eatery, Bamboo Sushi, ROOM and PORCH, among others. The Switchyard aims to establish a centralized hub for community, commerce and connectivity in the growing town center.
Type of Project: Mixed-Use
Location: 21740 S. Ellsworth Rd., Queen Creek, AZ 85142
Developer: Creation and Horizon Real Estate Ltd.
General Contractor: LGE Design Build
Architect: GFF Design
Landscape Design: Young Design Group
Size: 10 Acres
Date Completed: Q4 2026 (initial phase)
What’s Next.
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ReDiscover
Logistics Park
ReDiscover is a premier Class A industrial development in North Phoenix’s Deer Valley submarket, strategically located at the intersection of I-17 and Loop 101. The four-building, ±808,448-square-foot campus is designed to accommodate a wide range of users with flexible configurations and modern features, including 32’–36’ clear heights, expansive truck courts, and FM Global-compliant construction. Positioned within minutes of the TSMC semiconductor facility and major transportation corridors, ReDiscover offers unmatched connectivity and access to a rapidly growing labor pool. This next-generation industrial park reflects ViaWest Group’s commitment to delivering high-quality, future-ready logistics space in one of the Southwest’s most dynamic growth markets.
Type of Project: Industrial Park comprised of 4 buildings
Location: 20400–20660 N. 23rd Ave., Phoenix, AZ 85027
Developer: ViaWest Group
General Contractor: Willmeng Construction
Architect: Butler Design Group
Landscape Design: Laskin & Associates, Inc.
Interior Design: Butler Design Group
Size: 807,437 Overall SF
Date Completed: Q1 2027
Real Design Build.
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PV
Situated in the heart of one of the most prestigious and sought-after neighborhoods in Phoenix and spanning more than 100 acres, PV is the more than $2-billion multi-phase, multi-year redevelopment of the former Paradise Valley Mall. Surrounded by lush landscaping and linked open areas designed to foster connection, PV is its own community featuring an array of dining, entertainment, retail, residential, wellness and office offerings, all anchored by a centrally located park and gathering space. The park also serves as a hub for ongoing community events. PV is developed by RED Development, an industryleading, wholly integrated commercial real estate company known for its high-performing mixed-use and retail portfolio.
Type of Project: Mixed Use
Location: 4568 E. Cactus Rd., Phoenix, AZ 85032
Developer: RED Development
General Contractor: Multiple
Architect: Multiple
Landscape Design: Multiple
Interior Design: Multiple
Size: 100+ Acres
Date Completed: Under construction
Arbor Old Town
Arbor Old Town elevates the everyday office experience with sophisticated design, state-of-the-art conferencing and seamless indoor-outdoor connectivity. With activated interiors, a sweeping central garden and premiere Old Town Scottsdale location, this transformative George Oliver project puts work-meetswellbeing in perfect balance.
Type of Project: Mixed-Use Office & Retail
Location: 4141/4167 N. Scottsdale Rd., 7272 E. Indian School Rd., Scottsdale, AZ 85251
Developer: George Oliver
General Contractor: RSG Builders
Architect: George Oliver Design
Interior Design: George Oliver Design
Size: 360,000 Overall SF
Date Completed: Q3 2026
Bond
Located in the heart of the Camelback Corridor, Bond redefines the modern office with expansive conference facilities, premiere workspaces, curated on-site dining and hospitalitygrade amenities spanning a wellness center, game room, hidden speakeasy and much more — all designed to make every workday feel like an upgrade.
Type of Project: Office
Location: 3200 E. Camelback Rd., Phoenix, AZ 85016
Developer: George Oliver
General Contractor: RSG Builders
Architect: George Oliver Design
Interior Design: George Oliver Design
Size: 290,000 SF
Date Completed: Q4 2024
ARIZONA’S MOST INNOVATIVE COMMERCIAL REAL ESTATE FIRMS
Plaza Companies and Holualoa Companies have been proud to partner on some of the most transformational redevelopment projects in Arizona –including SkySong, the ASU Scottsdale Innovation Center and Park Central.
As two competitive, connected, and skilled real estate firms, our history of working with educational institutions and fostering publicprivate partnerships has taken each of our projects to the next level and we are excited to see the community impacts. For
SkySong,
The ASU Scottsdale Innovation Center