Developers and cities unite!
The Valley’s most desirable, available land took center stage at Arizona Builder’s Exchange’s inaugural Phoenix Metro Development Summit Thursday.
About 130 people converged on the Westin Kierland Resort and Spa in north Phoenix, where a dozen Valley municipalities pitched their choicest parcels to the commercial development community.
Arizona State University and the Arizona State Land Department also presented properties.
Nearly a dozen development firms took it all in, including GPE Companies, Commercial Properties Inc., Cushman & Wakefield and CBRE.
Economic development directors spoke of the desire for more high-wage jobs and the significance of being located near freeways. Planning teams met with development firms behind closed doors hoping to land their city’s next big deal.
It’s unclear which cities will benefit most from the Summit, but to tide you over – Here’s a sampling of some top tier properties the Valley has to offer for commercial development.
Property: John Creer, assistant vice president of university development, said over the next 20 years ASU plans to develop 800 to 900 acres, throughout their Valley-wide campuses. These will generally have long-term leases, ranging from 65 to 70 years.
Quotable: Creer said ASU is its own economic engine, creating its own economy.
“We are down to our last few parcels and very particular with those,” he said. “Our land is very patient, we don’t have to develop it.”
Property: Coldwater Depot Logistics Center, at the northeast corner of 127th Avenue and Van Buren Street, is 11.4 acres, with 187,000 square-feet of warehouse space.
Quotable: Jeff Fairman, employment and business development specialist, said much of Avondale’s population commutes elsewhere to work. The city wants to keep jobs in the Avondale and get residents out of their cars.
“If businesses take a chance on Avondale, it’ll bring them a home run,” he said.
Property: About 10 acres is available in Gilbert’s Heritage District on the southwest corner of Gilbert Road and Juniper Avenue.
Quotable: Dan Henderson, director of economic development, said the city is looking for a master developer to begin working on the Gilbert-owned property in July. It is the largest contiguous area of land in downtown Gilbert, he said.
“We’re encouraging residential and multi-family, retail and more restaurants,” Henderson said. “It has a lot of eyes and ears on it and will be a critical piece of our downtown.”
Property: The Algodon Center, at Loop 101 from Thomas Road to Campbell Avenue, is 1,000 acres.
Quotable: “At least three big tenants will come to downtown Phoenix in next couple weeks,” said Economic Development Director Christine Mackay.
Related: GPEC President: The next era of economic development is upon us