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Study: SkySong's economic impact will be $58 billion over next 30 years

SkySong 6.jpg
Posted at 8:54 AM, Jan 28, 2021

In the 12 years since the first buildings opened, SkySong, The ASU Scottsdale Innovation Center, has grown to generate $1.3 billion in annual economic activity, according to a new study commissioned by its developers.

The estimated economic impact of SkySong over the next 30 years will be $58.2 billion, according to the study completed by Elliott D. Pollack and Co.

“We are trying to lay down the foundation for modernizing Arizona’s economy,” Arizona State University President Michael Crow said. “What we’ve done is demonstrate the ability to create entrepreneurial energy concentrated in one area.”

That's the reason ASU partnered with the city of Scottsdale and developer Plaza Cos. to develop SkySong, which includes offices used by both ASU and private companies, a hotel, apartment complex and retail space, he said.

And SkySong only happened after the former Los Arcos Mall in south Scottsdale closed and a deal fell through to develop an arena for the Arizona Coyotes on the site.

“The people of Arizona have thought of the university as the 13th, 14th, 15th and 16th grades, as an extension of school,” Crow said. “We are a knowledge enterprise capable of creating new categories of economic success.”

Read more of this subscription-only story from the Business Journal.