By Roland Murphy for Arizona Builder’s Exchange
DMB Commercial has announced construction will begin soon on a 123KSF Fry’s Marketplace that will serve as the retail anchor for the Verrado community’s newest commercial center: Village Grove at Verrado. The 20-acre commercial center at the corner of Jackrabbit Trail and Indian School Road will ultimately offer 167KSF of retail space.
Long-standing plans to build on the site got a boost in July when the Buckeye City Council approved an incentive package to reimburse the developer for up to $2.3M of the construction costs for Village Grove at Verrado. Under terms of the economic development package, the city agreed that DMB Commercial will receive funds from 49 percent of the sales tax generated by Fry’s and 49 percent of the construction sales tax generated from on- and off-site public improvements. An economic and fiscal impact study prepared by Rounds Consulting Group, Inc., estimated the total construction and improvement costs for the project at $23.7M. (AZBEX Aug. 19, 2016)
DMB Commercial worked with W.M. Grace Companies and Fry’s on a site plan that closed escrow last week.
“It’s exciting to have Fry’s coming to Verrado,” said Mike Burke, Senior Vice President of Commercial for DMB. “With Main Street, Marketside and now Village Grove, there’s a lot more options for Verrado residents to meet their daily shopping, service and dining needs.”
According to the announcement from DMB Commercial, Great Clips, a Pizza Hut, Burger King and other businesses also plan to open spaces in Village Grove at Verrado in the near future. Total area in the July plans for the site called for nearly 29KSF of additional retail, 9KSF of office space and 4KSF of limited service restaurant space.
Once the site is fully open for business, the annual impact of Village Grove’s operations is projected to be 321 jobs, $12.4M in wages and $25M in economic activity.
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