By Roland Murphy for Arizona Builder’s Exchange
Plans to create a Fry’s Marketplace-anchored development serving Buckeye’s Verrado community came a step closer to reality last month when the city council approved an economic development plan to reimburse the developer for up to $2.3M of construction costs.
DMB will receive funds from 49 percent of the sales tax generated by Fry’s and 49 percent of the construction sales tax generated from on- and off-site public improvements. Total construction and improvement costs for the project are estimated at $23.7M, according to an economic and fiscal impact study prepared for the city by Rounds Consulting Group, Inc.
When the development – located on the northwest corner of Jackrabbit Trail and West Indian School Road – opens for business in Q3 of next year, it will be anchored by the 125KSF Fry’s Marketplace. Other spaces planned for the site include nearly 29KSF of additional retail, 9KSF of office space and a 4KSF limited service restaurant.
The impact report estimates Village Grove’s construction will generate 171 direct jobs and another 127 indirect or induced jobs, for a combined total of $18.9M in wages and $41.6M in economic output.
Once the site is fully open for business, the annual impact of Village Grove’s operations is projected to be 321 jobs, $12.4M in wages and $25M in economic activity.
Verrado is designed and marketed as, “A self-contained small town,” adjacent to the Phoenix metroplex. The 8,800-acre area has entitlements for approximately 14,000 homes and 4.2MSF in non-residential development.
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