(Disclosure: Rose Law Group represents Paragon Development Group.)
By InMaricopa
Back in February, BEX Research staff reached out to the City of Peoria to check on any updates with the Peoria Place master plan. Chief Business Attraction Officer David Valenzuela responded, saying Peoria Place was going through a purchase agreement, that it should be complete in April and that they could release more information then.
Earlier this week, we received that information, and it is, in the words of DATABEX Manager Lya Parrish, “a doozy.”
In response to a public records request, Peoria supplied us with 20 pages of documents related to a March 9th pre-application meeting the City had with global multifamily developer Greystar. Greystar intends to redo the entire scope of work for Peoria Place and invest “approximately one-half of a billion dollars to the Old Town area of Peoria.”
According to its website, Greystar is ranked as the largest developer by the National Multifamily Housing Council. Of its development and construction efforts, the company says, “Supported by Greystar’s business model and our unique ability to own, operate, and develop properties around the world, our team has an unmatched view of the industry.” Greystar boasts 65 offices in 16 countries around the world.
