Strumming into a new era, Fender Musical Instruments Corp. is set to take a big leap forward by breaking ground on an 80,000-square-foot flagship office space at the site of the former Paradise Valley Mall, Phoenix-based Red Development announced March 19. The three-story building is anticipated to be ready for Fender's occupancy come fall 2025, and the move signals Fender's reinforced dedication to Arizona, as reported by Phoenix Business Journal.
The guitar giant, revered for its stringed prowess, plans to bring 100 new jobs to the local economy within five years of the office's opening taking its workforce to 300 strong, Fender will vacate its existing co-headquarters in Scottsdale, which sits just 10 miles from the innovative new location, embracing a fresh mix of neighborhood amenities, including popular eateries and a dine-in theater according to the ABC15 News report.
Envisioning a future of creative dynamism and facilitating innovation, Fender's forthcoming office aims to attract Arizona's top talent in fields ranging from engineering to supply chain management, "Our building will foster a dynamic environment that attracts top engineering, finance, IT, product development, sales, and supply chain talent," Matt Janopaul, Fender's CFO, expressed in a statement obtained by Phoenix Business Journal. A development agreement with Phoenix City Council includes an incentive of $2,500 for each new job created, with city documents pointing to the jobs averaging $100,000 in annual salaries.
Designed by Phoenix-based SmithGroup, the building's features will spool innovation for their renowned guitars and amplifiers, featuring a model shop, state-of-the-art sound room, meeting spaces, and flexible workspaces—the development promises a significant tax impact and a $456.9 million economic output over a decade, however the veracity of this estimated economic boon remains unclear, as it was not immediately evident how the estimate was ascertained, according to city documents that were referenced in the reporting from ABC15 News.
Phoenix Community and Economic Development Director Christine Mackay highlighted the transformative nature of the new development for the city, stating, "The PV development is booming with innovation, showcasing the considerable impact of transforming the landscape of the former Paradise Valley Mall," as reported by Phoenix Business Journal. The expansive 100-acre redevelopment brings more than the allure of a central park, offering a burgeoning community space surrounded by a constellation of dining, entertainment, hospitality, and retail experiences.
