Hotel planned for The Alter Group’s Riverwalk Arizona

Posted By Mike Padgett

Nov. 7, 2008

 A Missouri company has signed a 45-year lease to construct a 101-room Hampton Inn & Suites hotel on The Alter Group’s Riverwalk Arizona development on the Salt River Pima-Maricopa Indian Community east of Scottsdale.

Developer HCW LLC, based in Branson, Mo., plans to start construction in mid-2009, according to the announcement released today. Completion is set for 2010, says Michael J. Alter, president of the Chicago-based national corporate real estate company.

“The Hampton Inn is just the first of several hotels that we hope to bring to Riverwalk Arizona,” Alter says. “A business park as large as Riverwalk easily supports multiple hotels because of the sheer volume of firms that the completed development will accommodate.”

HCW Chief Executive Officer Richard E. Huffman says the Hampton Inn “will fill a void for a business-class hotel” in Riverwalk.

Alter adds that other hotels are planned at Riverwalk. He says his company is in talks “with several nationally known chains, from mid-range lodgings all the way up to prominent luxury brands.”

One of those other companies is Homewood Suites, says Kurt Rosene, Senior Vice President of National Development at The Alter Group.

Riverwalk Arizona is a commercial, retail and office development on 187 acres of land leased from the Indian community. Riverwalk has a mile of freeway frontage on the east side of Loop 101 and between Via de Ventura and Indian Bend Road.

The exclusive leasing agent for The Alter Group’s Riverwalk development is CB Richard Ellis, represented by Senior Vice President Jerry Roberts. Hampton Inn was represented in the lease negotiations by Chuck Wells, director of retail properties with Phoenix Commercial Advisors. The Alter Group was represented by Rosene and by Vice President Jaime Northam.

Riverwalk is designed to provide 1.5 million square feet of corporate and retail space providing up to 15,000 new jobs, according to The Alter Group’s plans. Current tenants include:

Arizona Design Center, a 142,500-square-foot collection of high-end home décor showrooms.

• The 150,000-square-foot headquarters of Medicis Pharmaceutical Corp.

• Two speculative office buildings with a total of 162,882 square feet.




Nov 7th, 2008

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