Casa Grande remains confident troubled project will be completed.
By Phil Riske, managing editor
With city approval of a permit to pour the foundation for the PhoenixMart building, the world expo center, which has had fits and starts over the past two years, would be one step closer to going vertical.
“We expect to issue the foundation permit this week, and for work on the building to progress,” Casa Grande spokeswoman Kayla Fulmer told Rose Law Group Reporter on Wednesday.
Work to extend a sewer line to the 565-acre site began several months ago, and the completion of PhoenixMart is scheduled for 2016.
Recent developments have shed a negative light on the project and its parent company, Az Sourcing, a Chinese company
The FBI is said to be investigating a former investor in the company, but no official statement from the agency as to why agents raided company headquarters in Phoenix.
“PhoenixMart, while larger in scale, is no different than any other private development project within our community,” Fulmer said. “As such, the city has no expectation for additional information regarding their internal company operations . . . should the FBI contact us for information, we will certainly provide our fullest level of cooperation.”
The EB5 investment program permits preference to foreign nationals for green cards who invest at least $1 million in a U.S. project. The Epoch Times said Chinese marketing materials seek $1 million from investors.
“[W]e can’t speak to the content of the PhoenixMart promotional materials or their investor relations, said Casa Grande’s Fulmer. She discounted a published report Casa Grande residents were unhappy with the project and related costs to the city, such as sewer.
“This project has gone through the normal development process, which includes a number of open meetings and public hearings. There has not been a substantial amount of community feedback shared at those meetings, though it is always welcome,” Fulmer said.
“This is an extremely complex project that utilizes a new business model and financing methods. We understand the multiple facets of this development,” she said.
Casa Grande’s investment in the infrastructure enhancements will prepare the city for any future development. Several developers, who did not respond to e-mails from Rose Law Group Reporter, plan residential and commercial projects in the area.
Fulmer aid the city has no inherent development plans for the area beyond providing the necessary infrastructure. The project “has the potential to have a significant impact on our community.”
