CityScape Phoenix

What CityScape Phoenix does

CityScape Phoenix is a 1.2 million square foot urban mixed-use development located at the core of Downtown Phoenix, owned and operated by RED Development, a privately held commercial real estate company founded in 1995 and headquartered in Phoenix, Arizona. The four-building project integrates 5,000 square feet of park/open space, 3,000 below-grade parking spaces, a 600,000 SF Class A office tower anchored by Snell & Wilmer, a 250-room 4-star Kimpton Hotel Palomar, 224 residential apartments in a 14-story tower, and a curated retail and entertainment lineup including Urban Outfitters, Fox Restaurant Concepts (The Arrogant Butcher, Blanco Tacos + Tequila), Chico Malo, The Phoenix Bourbon Room, EOS Fitness, and Stand Up Live Comedy Theater.

RED Development operates as a wholly integrated commercial real estate platform delivering development, leasing, acquisitions, asset management, and property management services across an 8+ million square foot portfolio spanning Arizona, Nevada, Texas, Nebraska, and Indiana. The firm generates revenue through five streams: development fees on ground-up projects, leasing commissions on tenant placements, third-party asset management fees, third-party property management fees, and joint venture capital partnerships with pension funds and top-tier investment houses. RED's customer base spans national retailers, restaurant concepts, real estate investors, property owners, and municipalities, with an inside sales leasing team supported by regional contacts across each property market.

CityScape is operated within a broader portfolio that includes The Grove ($300M, 750,000+ SF, 100% pre-leased in 2022), The Union Dallas (800,000 SF in Uptown Dallas), PV (Paradise Valley reimagined with 400 luxury multi-family units by KDF Communities), Village Pointe (60+ retailers in Omaha), and Prasada (3,355-acre master-planned community co-developed with Macerich and WDP in Surprise, AZ). RED is privately held, well-capitalized with strong access to capital and debt markets, and is led by founding partners Mike Ebert and Scott Rehorn.

Name

CityScape Phoenix

Legal name

RED Development

Website

https://reddevelopment.com

Company type

Private

Founded year

1995

Operating status

Operating

Short description

CityScape Phoenix is a 1.2 million SF urban mixed-use development in Downtown Phoenix owned by RED Development, integrating office, retail, a Kimpton hotel, and 224 residential units. RED is a privately held, integrated CRE firm managing 8+ million square feet across the Southwest and Midwest.

Ownership category

akta.pro rank

Product category

Commercial Real Estate / Mixed-Use Development

SIC

Services-Facilities Support Management Services (8744), Services-To Dwellings & Other Buildings (7340)

akta.pro primary industry

Retail & Mixed-Use Commercial Construction (IMAFACAB)

Keywords

• Mixed-use development
• Commercial real estate
• Urban retail leasing
• Property management
• Asset management services

Headquarters

HQ city

Phoenix

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Marketing or Sales, Supply Chain

Revenue model

1. Development Fees: Fees earned from ground-up development of retail, mixed-use, office, and residential properties
2. Leasing Commissions: Commissions from tenant placement and lease transactions across the portfolio
3. Asset Management Services: Third-party asset management fees for property owners seeking to improve performance metrics through superior leasing, property management and marketing
4. Property Management Services: Property management fees for third-party clients with operational excellence focus
5. Joint Venture Partner Capital: Capital partnerships with pension funds and top-tier investment houses for development projects

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

CityScape Phoenix is a 1.2 million square foot urban mixed-use development at the core of Downtown Phoenix, developed and managed by RED Development. It combines four buildings comprising 600,000 SF of Class A office space, 250-room Hotel Palomar by Kimpton, 224 residential apartments, retail and entertainment venues (Urban Outfitters, Stand Up Live, Chico Malo, The Arrogant Butcher, EOS Fitness), 5,000 SF of park/open space, and 3,000 below-grade parking spaces. The asset is leased to and operated for national retailers, restaurant concepts, professional firms, and residents.

Product overview

CityScape Phoenix is a single, large-scale mixed-use development project operated by RED Development. It is not a software product but rather a physical commercial real estate property combining retail, entertainment, hospitality, office, and residential components into one integrated urban destination. The development includes tenant spaces for national retailers and restaurants, a 4-star Kimpton hotel, a 600,000 SF office tower, and 224 residential apartments, all connected through 5,000 SF of park/open space.

Differentiator

Problem solved

Functional benefit

Brands

• CityScape: 1.2 million square foot urban mixed-use project at the core of Downtown Phoenix featuring retail, office, hotel (Kimpton Hotel Palomar), and residential components
• The Grove
• The Union Dallas
• PV
• Village Pointe

Products and services

• CityScape Phoenix Mixed-Use Development
• CityScape Office Tower
• Hotel Palomar by Kimpton
• CityScape Residences

Quantifiable outcome

• 100% fully leased prior to completion - first in Arizona commercial real estate history
• +1 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• MacerichcoreStrategic or Co-development PartnerJoint venture partner for Prasada, a 3,355-acre master-planned development in Surprise, Arizona that includes retail, medical services, hospitality, residential and employment components. RED Development and Macerich are co-developing this major mixed-use project.
• WDPcoreStrategic or Co-development PartnerJoint venture partner for Prasada master-planned development in Surprise, Arizona alongside RED Development and Macerich.
• CityOffice REITminorOthersAcquired Block 23 at CityScape from RED Development in December 2021. This represents a property disposition rather than an ongoing partnership.
• AVE (by KDF Communities)coreStrategic or Co-development PartnerMulti-family development partner for PV project. AVE Paradise Valley is developing 400-unit luxury multi-family component as part of the reimagined PV mixed-use community.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Macerich: Public REIT focused on regional malls and mixed-use shopping centers, and current JV partner with RED on Prasada. Operates a broader public-market portfolio but shares tenant relationships and mixed-use orientation, making it the closest large-cap peer even amid partnership overlap.
• Simon Property Group: Largest U.S. retail REIT with a broad portfolio of malls, premium outlets, and mixed-use assets. Larger and more diversified than RED, but competes for the same national retail tenant relationships and institutional capital.
• Brookfield Properties: Global CRE owner/operator across retail, office, multifamily, and mixed-use. Comparable to RED's mixed-use strategy at a much larger scale and competes for institutional JV capital and premier urban mixed-use opportunities.
• Phillips Edison & Company: Public REIT focused on grocery-anchored neighborhood and community shopping centers. Comparable to RED's grocery-anchored and open-air centers in markets like Omaha and Fort Wayne, though at a much smaller average property size and without RED's mixed-use component.
• Kimco Realty: Largest publicly traded open-air shopping center REIT in North America. Overlaps with RED's open-air and grocery-anchored centers but operates at significantly larger scale and as an owner/landlord rather than a third-party developer.
• Brixmor Property Group: Public REIT focused on open-air, grocery-anchored shopping centers. Comparable to RED's neighborhood and community-center holdings (e.g., Village Pointe, Jefferson Pointe) and competes for similar middle-market retail tenant demand.

Direct peers

• Vestar: Phoenix-based privately held CRE developer specializing in large-scale retail and mixed-use projects across the Western U.S. Directly comparable to RED Development in geography, product type (open-air and mixed-use centers), and tenant strategy targeting national retailers and restaurants.
• The Howard Hughes Corporation: Public master-planned community and mixed-use developer (e.g., The Woodlands, Downtown Columbia, Summerlin). Comparable to RED's master-planned Prasada and large mixed-use strategy of building integrated live-work-play districts over multi-phase timelines.
• Federal Realty Investment Trust: Public REIT specializing in mixed-use and open-air retail destinations (e.g., Santana Row, Bethesda Row). Closely comparable to RED's CityScape and PV strategy of building high-performing, mixed-use urban destinations with strong dining and entertainment components.
• CenterCal Properties: Private mixed-use retail and lifestyle center developer active in the Western U.S. Closely comparable to RED Development on project type (urban mixed-use, lifestyle, and grocery-anchored centers), tenant mix, and integrated development/asset management model.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/red-development
• Xx.com/CityScapePhx
• Facebookfacebook.com/csphx

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CityScape Phoenix