A 134-acre development focused around a regional headquarters for insurer Nationwide will break ground around the middle of next year in Scottsdale.
The mixed-use complex at the southwest corner of Hayden Road and Legacy Boulevard north of Loop 101, will feature office buildings, apartments, stores, restaurants, a parking structure and two hotel sites.
Nationwide, the first anchor tenant of what will be known as Cavasson, will move roughly 2,200 employees to the facility, starting in late 2020, with room to expand.
The facility will consolidate more than 1,700 Nationwide employees currently working in various offices in and around Scottsdale, said Brian Ellis, president and chief operating officer of Nationwide Realty Investors. Most additional workers will be new hires in the area.
Nationwide Realty Investors, a wholly owned subsidiary of the Columbus, Ohio-based insurance giant, is developing the property in partnership with Grayhawk Development.
The site will feature 1.8 million square feet of commercial office space, 1,600 apartment units and $30 million in infrastructure investments including roads, sidewalks and flood-control improvements.
Ellis called the location, near Loop 101, the best undeveloped site in the area. Completion of the complex likely will take several years, he said. Other tenants haven’t yet been announced.
Nationwide Realty purchased the property from the State Land Trust in September at auction for $83 million. Proceeds go to the Permanent Land Endowment Trust Fund to benefit public education. The total price was closer to $87 million including closing costs and other fees, Ellis said.
The company’s other Arizona developments include the Gainey Ranch Corporate Center in Scottsdale and Rivulon, a 3-million-square-foot, mixed-use project being built in Gilbert.
Insurer Nationwide was named one of Fortune’s top 100 companies to work for.
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