The $400-million Camelback Esplanade planned at Camelback Road and 24th Street, Phoenix, will create about 5,500 permanent and temporary jobs and generate more than $14 million a year in sales and property taxes, according to a study by Mountain West Research-Southwest of Tempe, Ariz.
The mixed-use development, financed by Southwest Savings & Loan Assn. of Phoenix, will consist of 1.35 million square feet of office space, a 176,000-square-foot retail area, more than 200 apartments and condominiums, a 325-room hotel, theaters and a health club.
Phase 1 construction is scheduled to begin late this year and be finished in the fall of 1987; Phase 2 is to start in 1988 or 1989 and be completed in 1990 or 1991.
On completion, after giving four years' employment to 550 construction workers at an average $22 hourly wage for a total of $100.7 million, the development will employ 4,982 people with an annual compensation of $82.5 million.
During construction the city of Phoenix will receive about $2 million in sales taxes on construction materials; on completion, the city will receive $1.5 million in sales taxes and $1.3 million in property taxes each year. Other tax receipts, including more than $5 million to the state in sales taxes, will raise the total to about $14.35 million.