JDM Partners Looks to Convert Headquarters Into Housing

Former Phoenix Suns owner Jerry Colangelo is looking to turn the headquarters for his JDM Partners firm into a luxury mixed-use development.

JDM submitted plans to the city of Phoenix to build a development of 203 luxury condominium units and a new restaurant on the site of its offices, The Arizona Republic reported. The plans for 2400 Biltmore, located at 2400 East Arizona Biltmore Circle, call for one- to four-bedroom units averaging more than 2,000 square feet.

To make it happen, JDM will level its three office buildings on the 6.2-acre Camelback Corridor location.

“We have always felt that the acreage was underutilized,” Colangelo told the Republic of the plans. “It had much more of a future for what it could be.”

Before the pandemic, JDM floated redeveloping the site into a large corporate campus, but plans shifted after office demand cooled. Instead, JDM’s focus turned to housing.

“We thought the best use of the property was not to end up with an apartment building, but to end up with a for-sale, but very high-class, product,” Colangelo said. “The Arizona Biltmore demands these top-of-the-market kinds of projects.”

JDM won’t set up shop somewhere else after construction is complete, however. The firm will move into about 11,000 square feet of office space on the site for its new headquarters. Colangelo said the location “has been a great home” for JDM as it works among some of Arizona’s ritziest properties.

The firm has been involved in some of the state’s largest real estate transactions. In 2017, JDM paid $928 million for the five-building Marina Heights office complex in Tempe. In 2021, the company sold its stake in the master-planned Douglas Ranch community — now called Teravalis — for $541 million; the following year, JDM reacquired a stake in the development equivalent to about $65 million.

The 2400 Biltmore project should take approximately 18 months to build after planning and approvals are complete. The hope is to finish the planning and approval process as quickly as possible and begin construction in the middle of next year.

— Chris Malone Méndez