By AZ Business Magazine
SimonCRE, a national commercial real estate development and acquisition firm, has released that it has begun development on Prasada North, a new retail development that will amplify the expansive retail options provided by Village at Prasada. Located north of Waddell Road, this large development represents the developer’s ongoing investment in the West Valley. With many projects throughout the country being delayed due to shifting economic conditions, Prasada North is a commitment to supporting the continued growth of Surprise.
Following the overwhelming success in leasing Village at Prasada, the developer is excited to provide additional retail options to the city. Village at Prasada is at 100% commitment for 700,000 square feet, and the developer believes that the continued interest in available space will carry over to this new project, providing more exciting options to residents. While projects are being put on hold due to mounting construction costs and uncertainty in the capital markets, the momentum of this project showcases the strength and resilience of the retail sector. With interest quickly climbing to rates between 6 and 8% and the Fed poised to increase rates an additional two times in their ongoing fight against inflation, the economy is struggling, and a recession is all but a foregone conclusion at this point.
