Sunbelt Investment Holdings Inc. is planning a 441KSF Costco-anchored retail plaza at the SEC of I-10 and Verrado Way in Buckeye.
Various development plans for the site, including a 744KSF Super Target-anchored retail center, have been proposed in the last few decades, but none came to pass.
SIHI’s proposal for Buckeye Commons calls for 18 buildings. Phoenix Commercial Advisors, the leasing firm for the development, says on its project webpage that leasable spaces will range from 3.15KSF to 55KSF.
In a June 7th meeting, Buckeye City Council approved a $7.95M reimbursement agreement with SIHI for infrastructure development around the project site, including paving Roosevelt Street and expanding it to two lanes in each direction, as well as putting in a traffic signal at the intersection of Roosevelt and Jackrabbit Trail. Edkey Sequoia Schools will also contribute $900K to the City to complete infrastructure improvements along Roosevelt.
During the meeting Buckeye Deputy City Manager Dave Roderique reported that while Costco has not made a formal announcement about the project, the City has received a site plan, which is now undergoing final review. News of the Costco development was first reported in March. Mayor Eric Orsborn said the Costco portion of the project could produce approximately $3M in annual revenue for the City.
According to media reports, the initial construction deadline, which could be extended, is currently set for March 30, 2023.
Developer Vestar referred to the Costco development last month when it announced its own plans for Verrado Marketplace, a $125M shopping center at the NEC of the same intersection, to be developed in partnership with DMB Associates.
In addition to the retail developments on the east side of the intersection, Banner Health and Abrazo Health have a hospital and a medical campus in development for the NWC and SWC, respectively, of I-10 and Verrado Way.