ASU starts construction of $200M health HQ in downtown Phoenix; plus more Valley real estate deals

Article originally posted on Phoenix Business Journal on April 10, 2026

Arizona State University is set to celebrate a groundbreaking ceremony for the new ASU Health headquarters in downtown Phoenix on April 9.

The 175,000-square-foot structure on the Phoenix BioScience Core campus at 620 N. Fifth St. will house the John Shufeldt School of Medicine and Medical Engineering, as well as the School of Technology for Public Health and programs in ASU’s Edson College of Nursing and Health Innovation and the College of Health Solutions.

General contractor for the new $200 million headquarters is McCarthy Building Cos. Inc., while the architectural team is DFDG Architecture and CO Architects.

Last month, Phoenix City Council approved a $50 million investment into the development of the new headquarters building. Of that, $38 million is from the city’s Sports Facility, Biosciences, and Tourism Fund and $12 million is from the General Obligation Bond.

Another $12.5 million is coming from HonorHealth, the primary clinical affiliate for the new medical school, with the remainder coming from private philanthropy, including more than $100 million from Shufeldt who bears the name of the new headquarters. Shufeldt is also the winner of the Red Blazer for the Business Journal’s 2026 AZ Inno Fire Awards, which were held April 8.

The building is scheduled for completion by the 2028 academic year.

• Fort Washington, Pennsylvania-based Toll Brothers Inc. (NYSE: TOL) has begun construction on its newest luxury condominium community in Scottsdale.

Called Toll Brothers at Cavasson, the 135-unit gated community at 7620 E. Cavasson Blvd. will offer three-story condos starting from the upper $900,000s.

Ranging between 1,965 and 2,672 square feet, each unit will offer private rooftop terraces.

This luxury condo community adds to others at Valle Norte in north Phoenix and at Sterling Grove in Surprise.

The free program will be capped at 100 children ages 3 to 5 for families who earn up to 400% of the Federal Poverty Level, which equates to about $132,000 a year for a family of four.

A ribbon-cutting ceremony and open house is set for April 16 from 1 to 3 p.m. on the campus at 6511 W. Alice Ave.

The Bezos Academy locations around the country are funded by former Amazon.com Inc. CEO and founder Jeff Bezos. The first locations of the Valley schools, in Glendale and Mesa, were to open in late 2025.

Applications are due by April 20 for a lottery that will be completed by May 5.

The general contractor is KBE Building Corp. and the architect is Bassetti Architects.

With 32 schools across five states, plans call for opening nine more preschools this fall, including expanding into Hawaii, said Allison Leader, director of communications for Bezos Academy.

Of its 2,000 students enrolled in its two-year preschool program across five states, Bezos Academy has capacity for 400 students in Arizona, she said.

In Arizona, Bezos employs more than 50 teachers and staff and will add another 15 teachers and staff when Bezos Academy Glendale – Sahuaro Glenn opens this fall.

This new preschool on the senior living campus will create a unique intergenerational opportunity for children and senior residents, said John Thorhauer, CEO of Glencroft.

This is the second major intergenerational initiative on campus.

In 2025, the community partnered with local agencies to support young adults transitioning out of foster care by providing housing and job training programs.

• Crown Canyon, an exclusive community being developed near 40th Street and Lincoln Drive in Paradise Valley, received town approval to rename a portion of 40th Street that serves as the entrance to the luxury enclave.