SkySong ready to expand in Scottsdale

The new year brings the start of construction on two major developments at SkySong, the Arizona State University Scottsdale Innovation Center. Pre-leasing has begun on a third office building at the 42-acre, mixed-use development at the southeastern corner of Scottsdale and McDowell roads. Two 150,000-square-foot office buildings house research and commercial space. There is a "strong likelihood" that work will begin on the third building in the first quarter, said Rick Shangraw, the ASU Foundation's CEO. Plaza Cos. is the developer in partnership with the foundation and USAA Real Estate Co. "It's probably going to have a similar footprint, 100,000 to 120,000 square feet with probably a lot of the same features, multitenant and with the same strong connection back to ASU," he said. "We will probably be able to build it in 14 months." Also during the first quarter, construction could begin on a four-story, 325-unit apartment complex that will wrap around the parking garage, which is south of the SkySong 2 building. The apartment complex is a venture between the foundation and USAA that will cost about $42 million. "We're hoping to start it before the end of first quarter," said Don Couvillion, the foundation's vice president for real estate. "We have a commitment from our financial source to begin in the first quarter. Total (construction) is about 20 months."

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