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.
Read more at Phoenix Business Journal.
NEWS TICKER
- [March 15, 2024] - The Recent State of Arizona Housing and Construction
- [March 15, 2024] - New Hospital Planned in San Luis
- [March 15, 2024] - Federal Court Blocks Joint Employer Rule
- [March 15, 2024] - Backlog Indicator Drops Again; Contractors Confidence Slips
- [March 15, 2024] - Arizona Projects 03-15-24
- [March 13, 2024] - 45-unit Affordable Development Funded in Surprise
- [March 13, 2024] - Tempe Coalition Pays $2.77M for Future Affordable Housing Site
- [March 13, 2024] - Legislature Approves Bill to Cut Local Restrictions on Housing