PHOENIX, Ariz. (June 5, 2001) - The Pivotal Simon Group, in collaboration with homebuilder GHE & Associates, Inc., broke ground last week on Esplanade Place, a 12-story, 56-home luxury condominium high-rise situated within the renowned Camelback Esplanade. More than 50 percent of the units have already been sold, and completion and move-in are anticipated in fall, 2002.
Phoenix Mayor Skip Rimsza and City Councilman Greg Stanton spoke at the groundbreaking event, which was held at the Esplanade Place site near the southwest corner of Camelback and 24th Street.
"This is something we've been missing in Phoenix," said Rimsza. "Until now, most of the upscale homebuilding in the Valley has been in Scottsdale. I'm very happy to see a project like this going up in the Esplanade area."
Esplanade Place will have homes ranging from 2,400 to 4,250 square feet, with prices ranging from $550,000 to $2.5 million. Designed with an intimate yet spacious layout, only four to five homes will be developed on each floor.
The first floor of Esplanade Place will feature a concierge and doorman-staffed lobby; state-of-the-art fitness center; distinguished clubroom; full service business center; and a 12-foot water feature. A secured, access-controlled underground parking structure will offer direct, car-to-residence elevator service.
On floors two through nine, residences range from 2,400 to 3,550 square feet, while floors 10, 11, 12 and the penthouse will have residences ranging from 3,075 to 4,250 square feet. A rooftop spa, sundeck and negative edge pool will complete the luxury high-rise.
Esplanade Place will provide residents with numerous hotel-style amenities, including valet parking, concierge, mail, maintenance, business support and laundry/dry cleaning services.
"This project will set the standard for luxury urban living in Arizona," said Francis Najafi, CEO of Pivotal Group. "Phoenix is coming of age and there's a real interest in the high-rise, cosmopolitan kind of lifestyle that Esplanade Place offers."
Phoenix-based Cornoyer-Hedrick is the architect for Esplanade Place. McCarthy Building Companies is the general contractor.
Pivotal Group is an institutionally based diversified real estate investment and development firm widely recognized for its ability to create high-quality residential and business environments. Earlier this year, Pivotal Group purchased 650 California Street, a nearly 500,000-square-foot, 33-story Class A landmark office building in San Francisco.
In recent years, Pivotal's notable acquisition and development activities include Ritz-Carlton Phoenix; Camelback Esplanade in Phoenix; WestWing Mountain, a 1,300-acre master planned community in northwest Phoenix; the landmark Century Plaza Hotel and St. Regis Hotel in Los Angeles; Promontory, a $500 million, 6,000-acre master planned resort community in Summit County, Utah; Red Mountain Spa, a luxury spa resort near St. George, Utah; and a variety of other real estate assets located throughout the western United States.
The Pivotal Simon Group is a partnership between Phoenix-based Pivotal Group and Los Angeles-based William E. Simon & Sons Realty.
For more information about Pivotal Private Equity, visit www.pivotalgroup.com |
