SCOTTSDALE, Ariz. (April 29, 2026) — As SkySong, The ASU Scottsdale Innovation Center marks its 20th anniversary, the transformation of Scottsdale’s McDowell Road Corridor stands as one of the clearest and most compelling examples of its long-term impact — turning a once-declining stretch of underutilized land into a vibrant center for innovation, housing and economic growth.
When SkySong was first envisioned in the mid-2000s, the corridor was defined by a shuttered mall and aging auto-oriented development. Today, it has been reshaped by significant new investment and activity, much of it catalyzed by the innovation center itself.
From the beginning, SkySong was designed to be more than a real estate development. By bringing together Arizona State University, private industry and the public sector, the project created an ecosystem where research, entrepreneurship and business growth could thrive.
That model has proven highly effective, positioning the corridor as a destination for startups, global companies and talent.
Over the past two decades, nearly 900 new residential units have been added along the corridor, alongside a wave of new mixed-use and commercial development. Property values in the surrounding area have risen approximately 153 percent — well above city and county averages — while new projects have introduced a more walkable, urban environment anchored by employment, housing and retail.
At the center of that transformation is SkySong, which has evolved into a major economic engine generating an estimated $1.3 billion in annual economic output, supporting thousands of high-quality jobs and helping launch more than 250 startups that have collectively attracted roughly $1.5 billion in venture capital.
“Twenty years ago, when we first began talking about transforming the site of a struggling retail center into an innovation hub, more than a few people were skeptical,” said Sharon Harper, chairman and CEO of Plaza Companies and master developer of SkySong. “What we’ve seen since then — especially along the McDowell Road Corridor — is a complete transformation. SkySong didn’t just redevelop a single site — it helped spark a new trajectory for the entire area.”
Plaza Companies is the master developer of SkySong, in partnership with ASU’s University Realty, the City of Scottsdale and Holualoa Companies. SkySong is one of nine Innovation Zones ASU has across the Valley. Together, they represent a distributed, regionally integrated model of university-driven economic development that are a magnet for other development, like the McDowell Road Corridor.
“SkySong has demonstrated how universities, cities and the private sector can work together to create a powerful engine for innovation,” said Michael M. Crow, president of Arizona State University. “The success of this partnership is reflected not only on campus, but in the surrounding community, where we’ve seen sustained growth, investment and opportunity.”
A Corridor Reimagined
SkySong’s presence has fundamentally changed land use patterns and development momentum in south Scottsdale. What was once a largely dormant retail site has become a mixed-use district combining office, residential, hospitality and retail uses, with additional development continuing to emerge nearby.
The project has also helped attract new employers and industries to the corridor, supporting more than 3,000 on-site jobs and contributing to broader regional employment and wage growth.
In the years following SkySong’s development, several major projects have emerged along and near the McDowell Road Corridor, reinforcing the area’s transformation into a more active, mixed-use district. One of the most notable is the redevelopment of Papago Plaza, a long-vacant retail center at Scottsdale and McDowell roads that is being reimagined as a modern mixed-use destination. The project is expected to introduce new residential units, hospitality, retail and dining options — bringing renewed energy to a highly visible corner that had remained underutilized for years. Its scale and timing reflect growing investor confidence in the corridor, much of it driven by the success and momentum established by SkySong.
Additional nearby projects have followed a similar pattern, replacing aging or obsolete properties with higher-density, contemporary development. These include new multifamily communities, such as the 282-unit The Tomscot, as well as other apartment and infill developments that have added hundreds of units within close proximity to SkySong. Retail and service-oriented uses have also expanded to support the area’s growing residential and employment base, further contributing to a more walkable and economically diverse corridor. Together, these projects illustrate how SkySong has acted as a catalyst—shifting both market perception and development patterns in south Scottsdale and setting the stage for continued reinvestment.
“SkySong represents the kind of forward-thinking investment that helps shape Scottsdale’s economic future,” said Greg Caton, Scottsdale City Manager. “Its impact on the McDowell Corridor has been significant — bringing new life, new businesses and new opportunities to an area that is now a key part of our city’s economic landscape.”
A Model for Long-Term Impact
The project’s success is also rooted in its collaborative structure, with the City of Scottsdale investing in land and infrastructure, ASU driving innovation and private-sector partners leading development. This approach has created lasting value both within SkySong and across the surrounding corridor.
“We are very pleased to be part of the success story that is SkySong,” said Steve Lindley, Chief Operating Officer with Holualoa Companies. “What’s happened along the McDowell Corridor over the past 20 years is a testament to the power of partnership and long-term vision. It’s not just about one project — it’s about creating momentum that continues to benefit the entire community.”
Looking Ahead
As SkySong enters its third decade, its influence on the McDowell Road Corridor continues to evolve, with additional development, new companies and ongoing investment expected to build on the foundation established over the past 20 years.
What began as a bold redevelopment effort has become a defining force in south Scottsdale — transforming not only a single site, but an entire corridor into a hub of innovation, connectivity and economic vitality.
“SkySong has proven that when you invest in innovation and collaboration, the impact extends far beyond the project itself,” Harper said. “The McDowell Corridor is living proof of what’s possible.”
Plaza Companies provides development, financing, construction oversight, leasing renewals and expansions and property management at SkySong. The Coppola Cheney Group of Lee & Associates is SkySong’s leasing broker.
SkySong is a 42-acre mixed use development designed to:
● Create an ecology of collaboration and innovation among high-profile technology enterprises and related researchers.
● Advance global business objectives of on-site enterprises.
● Raise Arizona’s profile as a global center of innovation through the co-location of Arizona State University’s strategic global partners.
● Create a unique regional economic and social asset.
Companies located at SkySong have the opportunity to partner with ASU, which has about 194,000 students studying across four metropolitan Phoenix campuses Los Angeles and Washington D.C. and online. ASU is one of the largest public universities in the nation, with the majority of its students attending its campus in Tempe, Arizona, less than three miles from SkySong.
In addition to locating its own innovative research units at the center, through ASU’s on-site operations, tenant companies have a single point of contact for introductions to researchers, faculty and programs to address their specific needs.
For more information on SkySong, visit SkySong.com or follow developments on Facebook.
About SkySong
Plaza Companies is the developer of the project in partnership with University Realty, the City of Scottsdale and Holualoa Companies. Lee and Associates provides the brokerage services and Plaza del Rio Management Corporation provides the property management and construction services. Architects at SkySong include Pei Cobb Fried and Partners, DMJM Design, Butler Design Group and Kendle Design Collaborative.
About Plaza Companies
With offices in Peoria, Scottsdale and Tucson, Plaza Companies is a full-service real estate firm specializing in the management, leasing and development of medical office and commercial office properties, technology and bioscience facilities, mixed-use properties and senior housing communities. Since 1982, Plaza Companies has established a proud track record as a competitive, connected and conscientious real estate firm with partnerships throughout the industries it serves. For more information, visitwww.theplazaco.com.
About University Realty
University Realty is an affiliate of ASU Enterprise Partners, a nonprofit organization that creates solutions and generates resources to extend Arizona State University’s reach and advance its charter. For more information, visit www.universityrealtyllc.org.
About Holualoa Companies
Holualoa Companies is a real estate investment firm focused on the successful acquisition, repositioning, redevelopment and disposition of real estate assets. Headquartered in Tucson, Arizona, with offices in Phoenix, Santa Monica, Hawaii and Paris, its investments span the United States and Europe and include office, retail, industrial, multi-family, hotel and mixed-use investment properties. Holualoa is an experienced investor for its own account and on behalf of a select group of private investors.
About the City of Scottsdale
Scottsdale is one of the state’s leading job centers, with a diverse economy built on medical research, high-tech innovation, tourism and corporate headquarters. Scottsdale is home to nearly 18,000 businesses supplying over 210,000 jobs. The high-tech innovation center SkySong, located just a few miles from Old Town, is designed to help companies grow through a unique partnership with nearby Arizona State University. Scottsdale is a premier location for health care providers and biomedical companies seeking to advance medicine and patient care through cutting-edge research. For more information, visit ChooseScottsdale.com.
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