[EXCLUSIVE] PhoenixMart going private

Months behind its original 2015 completion date, the parent company of the PhoenixMart says it has decided to “bypass” a federal funding program and seek other sources of investment.
Two years behind its original 2015 completion date, the parent company of the PhoenixMart says it has decided to “bypass” a federal funding program and seek other sources of investment.

By Phil Riske | Senior Reporter/Writer

Two years behind its original 2014 completion date, the parent company of the PhoenixMart says it has decided to “bypass” a federal funding program and seek other sources of investment.

The project in Casa Grande has been lagging because of delays in the federal EB-5 immigrant Visa program, which permits foreign citizens to obtain green cards by investing at least $500,000 in American projects. AZ Sourcing, the parent company of PhoenixMart, has said in the past the project attracted 300 investors from five continents.

Now, Pinal County Supervisor Cheryl Chase tells Rose Law Group Reporter the company has decided to “bypass” the EB-5 program to pursue conventional lending.

“This move will bypass the federal government and be a private endeavor,” Chase said, “to begin construction as soon as possible.”

She said the timeline for completion of the initial construction was given for the fall of 2017.

In a letter to the editor of Casa Grande Dispatch earlier this month, AZ Sourcing said, “We are pleased to report that we have the funding necessary to move forward on both the development of PhoenixMart and the redevelopment of the former Tanger Outlet Center.

The company still has not responded to Rose Law Group Reporter’s request for further details on its funding.

in January, AZ Sourcing reduced its workforce by an unrevealed number because of the delays in the EB-5 program.

There has been an ongoing debate U.S. in Congress about reforming the EB-5 program and who should benefit. The program has become a favorite tool of real estate developers, who are using it to help secure low-cost financing for major projects.

No details have been released by the FBI, which earlier this year seized documents from AZ Source’s Scottsdale offices.

Share this!

Additional Articles

Top master-planned communities for 2024

By AZ Big Media Here are the Top 10 master-planned communities in Arizona, based on public voting for the 2024 edition of Ranking Arizona, the state’s biggest and most comprehensive business opinion poll. Ranking Arizona

Read More »
News Categories

Get Our Twice Weekly Newsletter!

* indicates required

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.

May 2016
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031