Lucid Group Inc., Pinal County and the City of Casa Grande recently finalized development and lease agreements for an additional 1,400 acres that will expand Lucid’s site and enable development of Phase III of its production facilities.
The added acres will bring the Lucid site to approximately 2,000 acres in total, with the expansion allowing Lucid to hire more 6,000 employees at full buildout.
For approximately $113.5M, Pinal County purchased the 1,400 total acres of land from 14 different property owners for the lease agreement.
Both the County and Casa Grande approved the development, lease and purchase agreements at public hearings in July, with Lucid signing the agreements earlier this month. Lucid is expected to pay $7.1M in annual rent for four years with an option to buy the property. Additionally, the County authorized a $126M bond to purchase the site for the Lucid lease.
The third phase of Lucid’s AMP-1 production plant is expected to start construction next year, with completion in 2024 or 2025. The third phase will include expansion of existing facilities along with construction of new buildings.
The City of Casa Grande is also planning to invest approximately $7M for the expansion and improvement of roadways around the Lucid site. (Source)
