$510M Phoenix-Area Project Moves Forward – What is a Ground Lease?

, $510M Phoenix-Area Project Moves Forward – What is a Ground Lease?, Robert Khodadadian

Stadium Point. Image courtesy of Peoria City Documents

The Peoria City Council has approved a tax incentive agreement for the development of Stadium Point at P83, an estimated $510 million mixed-use commercial and residential district in Phoenix’s Peoria suburb.

Developed by Steinhauer Properties Inc. the new mixed-use destination near the Peoria Sports Complex at 16101 N. 83rd Ave. will total more than 1 million square feet.

Steinhauer will purchase the site from the city for the duration of the construction period and then transfer ownership back for up to eight years or until at least $15 million in public infrastructure required for the project has been completed. Construction of the community will begin in 2023, taking place over an expected 12-year timeline.

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Steinhauer had been selected as the lead developer for the project in 2020. The agreement for the project’s continuation also allows for the implementation of the Government Property Lease Excise Tax Program, which could reimburse further improvements to the public infrastructure that the developer makes during construction.

One of the largest speculative developments in the city, the plan calls for two Class A office towers totaling more than 645,000 square feet, 65,000 square feet of retail and restaurant space, a 200-key hotel, 357 multifamily apartments, as well as a separate 28,000-square-foot food court. The reconstruction will also include internal roadways for transportation throughout the district, in addition to other public and private improvements expected to total $40 million.

Situated at the site of one of the city’s largest sports complexes within the P83 entertainment district, the development is at the center of many of Peoria’s dining and retail offerings along the New River, providing quick access to the Agua Fria Freeway. The district will be located within 15 miles of Phoenix.

Phoenix’s flurry of mixed-use developments

Stadium Point advances just as numerous other large-scale mixed-use development projects around metro Phoenix go from the planning stages to hard hat zones. In Scottsdale, Ariz., Caliber has recently acquired leasing rights for 100 acres for the development of Riverwalk, a mixed-use entertainment and hospitality complex. Elsewhere, the Phoenix City Council approved the full redevelopment of the Metrocenter Mall into a $750 million, three-phase multifamily community with an additional 100,000 square feet of retail space.

The post $510M Phoenix-Area Project Moves Forward appeared first on Commercial Property Executive.

 Development, Featured, Mixed Use, Office, Phoenix, Retail, West, Steinhauer Properties Inc. 

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