The Prescott Valley Town Council has voted to approve annexation and zoning requests that will allow Fain Signature Group to develop its Lakeshore 650 master plan between Badger and Fain roads north and south of Lakeshore Drive.
AZBEX NOTE: AZBEX was the first outlet to report on the Lakeshore 650 proposal in an exclusive article earlier this year. (AZBEX, May 31)
The process includes a pre-annexation, annexation and zoning map change.
The planned area development is included in a master development plan that includes PADs for residential, single-family limited, residential and services, and commercial, general sales and services.
The first phase of development will not start for at least three years, officials say, because all the associated engineering has to take place before construction can begin. The overall development timeline for the entire project is estimated at 30 years.
Lakeshore 650 will include a variety of housing types, as well as retail, restaurant, medical spaces, office, storage and other businesses and services.
The residential unit total is capped at 3,491, and at least 275 units over the total project should be considered “attainable.”
Officials said a key focus was giving the part of town where the development is located a greater range of services and employment opportunities, combined with planned and cultivated spaces, street design and wildlife corridor preservation.
FSG will also have to include a sports complex with three soccer fields in the first phase of development. The privately owned and operated space will be subject to a joint agreement with the Town. Another 25 acres will be made available for a community park.
Economic impact estimates predict Lakeshore 650 could generate $1.3B during construction, with a subsequent annual economic output of $416.4M.
Several area residents and business leaders expressed support for the plan. Some residents speaking in opposition, however, expressed concerns over potential traffic impacts on Lakeshore Drive and impacts on what they perceive as the location’s current rural character. (Source)
