By Corina Vanek for Phoenix Business Journal
A massive mixed-use development with Class A office, hotel, retail and apartment buildings near Peoria Sports Complex is one step closer after the Peoria City Council approved an agreement Tuesday with American Life Inc. and Steinhauer Properties Inc.
The project, called Stadium Point, will include more than 1MSF of development on 17 acres owned by the city along 83rd Avenue south of Bell Road. In October 2019, the city released a request for proposals seeking a master developer for the site. American Life was named the successful respondent in March.
Economic development leaders in the West Valley have pitched the area for speculative Class A office space for years as that region has a dearth of office development compared with East Valley submarkets.
According to the memorandum, the project will be in four phases. The first is design of the master plan and relocation of a well on the property. The second phase will feature construction of some Class A office, parking, retail and dining. The third phase is construction of the hotel, residential, retail, dining and entertainment. The fourth phase is construction of more Class A office, parking and residential. The total project must be built out no later than 10 years, according to city documents.
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