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Development Updates in Phoenix:
Arizona’s development market has continued to grow over the past several months as commercial real estate developers and homeowners flock to the state. A recent uptick in multifamily and single-family developments and industrial projects is driving demand in the Greater Phoenix Area. Here’s a more detailed look at several new mixed-use, multifamily, and industrial projects underway this year.
Loan Secured for Completion of Mixed-Use Paradise Valley Project
Commercial real estate firm, Five Star Development, recently received a $2 billion loan to complete the construction of a 122-acre luxury mixed-use development in Paradise Valley and Scottsdale. Named “Palmeraie,” the project will be anchored by the Ritz-Carlton Paradise Valley resort and surrounded by villas, single-family homes, and private residences. The addition of a 160,000 sq. ft. shopping district will complete the development. Madison Realty Capital is backing the loan, with plans for completion in the fall of 2024.
Rehrig Pacific Co. Plant Under Construction
Los Angeles-based manufacturing company Rehrig Pacific Co. recently held a groundbreaking ceremony for a new injection molding plant in Buckeye. Developer Merit Partners is leading the project alongside FCL Builders as the general contractor and Ware Malcomb as the architect. The facility is expected to bring hundreds of new jobs to the area and will total 260,000 sq. ft. initially, with room to grow to 500,000 sq. ft. The plant is expected to be operational by Summer 2024.
District at Cooley Station Neighborhood Proposal
Houston-based multifamily developer, Kaplan Multifamily, has proposed the construction of 600+ new apartment units in Gilbert. The development plans currently call for the construction of multiple buildings, including apartments and on-site retail space, that will be built in two phases. Upon completion, the apartments will be accompanied by 15,000 sq. ft. of standalone retail and commercial shops, 25,000 sq. ft. of “non-residential space” - including public fitness and community centers - and various amenities, such as resort-style pools, a parking garage, and recreational space. Kaplan Multifamily plans to complete the project in the next 24 months.
Tag(s): Arizona Digest
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