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PhoenixMart Expecting Release of Funds

Photo credit: Kevin Reagan/Casa Grande Dispatch

By Kevin Reagan for Casa Grande Dispatch

The model is built, plans are approved and deals have been made. Not much is left on PhoenixMart’s checklist except building PhoenixMart itself.

The 585-acre site near Florence Boulevard and Overfield Road has yet to see any major construction, but that hasn’t curbed the excitement of its future tenants.

Parent AZ Sourcing officials say the structure housing 1,740 business suites is scheduled to be completed by mid-2016. A collection of hotels and condominiums built in the surrounding complex is expected to follow by the end of that year.

The layout of the suites is broken down into six clusters: industrial, food, electronics, office, fashion and hospitality. Each category has a limited amount of slots, allowing PhoenixMart to be selective and strategic with its leasing.

Tenants presently have to rely on blueprints and models to visualize where their suites will be located.

The $150M needed to construct the main hub of PhoenixMart is tied up in escrow with U.S. Citizenship and Immigration Services. When the PhoenixMart project was launched, about 300 foreign investors each forwarded $500,000 to the company to qualify for the EB-5 visa program.

In 1990, USCIS started handing out visas to foreign investors who stimulate the U.S. economy through job creation. The program reached its visa cap for the first time in 2014.

AZ Sourcing spokesman Patrick Welch said this has caused a backlog in exchanging capital investments for visas. He said the $150 million should be released at any time and will initiate the construction phase of PhoenixMart.

In the meantime, Clark said he’s content with looking at a model of PhoenixMart until the real thing is completed.

Read more at Casa Grande Dispatch

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