As construction of Park Place on the Avenue of the Fountains accelerates, businesses are exploring whether the ground-level retail units might be a good fit for them.

A mix of businesses have expressed interest in moving into commercial space in Building C or D, Jay (Corky) Northrop, chief operations officer for project developer, Shea Connelley, said last week.

The developer has pending leases for 23 percent of the available 30,000 square feet of retail space and letters of pending interest for another 14 percent of the space.

The Chamber of Commerce, two restaurants, beauty salon, flower shop, financial advisor and small boutiques are among the businesses planning to locate in Park Place, said Northrop.

Chamber CEO/President Scott Soldat-Valenzuela said Monday that his board of directors was to meet today, Wednesday, after which he would provide an update of plans.

One restaurant is locally owned; the other has a presence in the Greater Phoenix area. No national franchise restaurants have shown interest, said Northrop.

Some businesses are moving from other town locations while some new ones are coming from the Midwest because the owner wants to live in Arizona.

“We are constantly looking for good quality restaurants,” said Northrop, adding that he would like to attract a microbrewery.

He dispelled reports that an Irish pub would be built. No Irish pub owner has even inquired, he said.

“We are pursuing 24 active prospects,” said Northrop.

Retail space in Building D, closest to Town Hall, is expected to open in mid-December. Thirty days later, similar commercial space should be ready for tenants in Building C.

Both the Chamber of Commerce CEO/President Scott Soldat-Valenzuela and Scott Cooper, town economic development director, are involved with Shea Connelley in recruiting retail tenants.

“We think our rates are very competitive,” said Northrop.

The retail rates are $15 per square foot per year, triple net. In real estate terms, triple net is a lease agreement on a property where the tenant pays all real estate taxes, building insurance, water and electricity. Common area maintenance has an annual charge is $588 per square foot.

Available retail space starts at 730 square feet and could expand to as much as 7,000 square feet “depending upon what they want. On the average, most of them are 1,500 to 1,800 square feet,” said Northrop.

A leasee receives a grey shell unit, an unfinished interior without improvements. Those are made at the leasee’s expense and approved by the landlord and town. Shea Connelley will compensate tenants $25 per square foot for buildout improvements. Leases are three years in duration.

Apartment leasing

Alliance Residential leasing manager Dex Hiland has received nine paid applications as of last Friday to lease an apartment sight unseen. A premium offer for the early birds is one month’s free rent.

“We certainly feel that as soon as we get over to the site and show the models, the activity and the leases will certainly pick up,” said Northrop.

The on-sight lease office is expected to open around Dec. 1. The temporary leasing office at 16820 Avenue of the Fountains, suite 104, has compiled a list of 200 names interested in apartment information.

Monthly rents begin at $994 for a one-bedroom to $2,424 for a three-bedroom apartment.

“We will be able to give hard hat tours and show full model layouts in early January,” said Hiland.