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Cypress eyes234K spec medical office campus in north Phoenix

Two-phase project would include hotel-retail component along Interstate 17 in Deer Valley

Cypress Eyes 234K Spec Medical Office Campus in Phoenix
Cypress Development Partners' Jason Anzalone and The Interchange in Phoenix (Cypress Development Partners)

Key Points

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  • Cypress Development Partners plans to build a 233,500-square-foot medical office and hotel campus in north Phoenix, named The Interchange.
  • The two-phase project will include three medical office buildings, three flexible office buildings, a 130-room hotel, a retail building, and two drive-through restaurants.
  • Pending approvals, the first phase of development could begin late this year.

Cypress Development Partners wants to build a speculative medical office and hotel campus in north Phoenix.

The Scottsdale-based developer plans to build the 233,500-square-foot campus by Interstate 17 south of Rose Garden Lane, near HonorHealth Deer Valley Medical Center, Phoenix Business Journal reported.

Cypress has applied to update zoning for the project, dubbed The Interchange, a 15-minute drive south of the $65 billion Taiwan Semiconductor Manufacturing campus. The Phoenix Planning Hearing Officer will consider it on February 19.

The 23-acre project, to be built in two phases, would include three medical office buildings, three flexible office buildings, a 130-room hotel, a retail building and two drive-through restaurants.

Plans for the first phase, on 27th Avenue between Runion and Ross drives, call for two medical offices of 40,000 square feet and 6,000 square feet, an 11,200-square-foot retail building and a 4,800-square-foot retail building with a drive-through restaurant.

Plans for the second phase, at I-17 and Rose Garden Lane, call for a 45,000-square-foot medical office building, three office buildings from 20,400 square feet to 27,000 square feet, a four-story, 56,000-square-foot hotel and a 1,500-square-foot drive-through restaurant.

Cost and timeline for the project, designed by Tempe-based Dalke Design Group, were not disclosed.

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Pending approvals, the first phase could be poised for development late this year, according to Jason Anzalone, director of development at Cypress.

He said building functional, high-quality medical offices would attract tenants more than converting older buildings into medical office uses.

“A lot of medical users are getting very technical with their physical requirements in terms of what the space can offer for their patients, equipment and providers,” Anzalone told the Business Journal.

“The proximity to the HonorHealth campus was really attractive to us,” he said. “There hasn’t been a lot of net new medical development that’s been delivered in quite some time in this service area.”

Cypress, founded two decades ago, has focused on building medical offices around Phoenix, according to the Business Journal. Since 2020, the firm has built 275,000 square feet of health-care-related projects, valued at $135 million, according to its website.

Dana Bartholomew

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