By Roland Murphy for AZBEX
Fain Signature Group is looking to add to its Prescott Valley-area developments with a proposal for Lakeshore 650, a 652-acre planned area development west of Lakeshore Drive and Fain Road.
Working as the master developer in partnership with Brown Homes, FSG is proposing a development plan that will build out over a roughly 20-year cycle and ultimately deliver a community with up to 3,500 residential units and a 100-acre core with 348.1KSF of commercial uses. They are requesting a rezoning from large lot residential to planned area development to create a master-planned community.
According to the Prescott Valley staff report, “Commercial/employment uses in this visible and accessible area of the property are… most likely to be able to support the needs of restaurants, a grocer, a dentist’s office, a storage facility, or other businesses that provide needed services and jobs for the region. Residential uses will surround and possibly mix with commercial uses offering additional support to the commercial uses. The integration of uses will be complemented by a pedestrian system that will give residents/employees an attainable alternative to get to and from their home and the community core.”
FSG has secured a letter of intent from real estate investment operating company BISON Partners under which BISON will serve as a strategic partner for retail, grocery and medical office space.
A primary goal for the development will be to offer residential options for people at virtually every stage of life. According to the submitted planned area development and master development plan documents, “The community will offer choices for housing; different housing types to meet the needs of residents at various stages of life. Envisioned is a framework that provides flexibility to accommodate housing for those who have grown up in the community and are looking to move out of their parent’s home, buy a first home, move up to a larger home that can accommodate a family, or move down to a smaller home or a home where the exterior and landscape are maintained by a homeowners association.”
Navigation of the property will be largely pedestrian-focused. Roadways for vehicles will be separated from paths serving pedestrians and cyclists. Passageways where both uses are required will be designed to minimize cross-exposure.
Planned amenities will concentrate largely on optimizing open space around the community. The Agua Fria River crosses the property, and its 50-acre river corridor will also serve as a primary open space corridor. There will also be a 25-acre community park that will be open to the public. A ten-foot-wide multi-use path will follow along the south side of Lakeshore Drive for pedestrians and bicyclists and will serve as an extension of the regional path to the civic center and Mountain Valley Park. Lastly, a community path and trail system will connect to area amenities.
The proposal includes a central community center facility that includes a pool, a courtyard, a community hall, a dog park, a community living room, various sports fields and play areas, and an event lawn.
The estimated economic impact of Lakeshore 650 is up to $1.3B during construction, with an ongoing annual impact of $416.4M. According to the staff report, the community has the potential to support more than 3,600 jobs and $127.8M in wages.
Lakeshore 650 would be developed in phases across an expected 20-year cycle. The staff report notes the estimated improvement phases would consist of:
- Phase 1: 1-100 units and 10KSF through 2027,
- Phase 2: 101-600 units and 50KSF through 2031, and
- Phase 3: 601-3,491 units and 50KSF through 2047.
FSG has, to date, held three in-person and two virtual meetings with area residents, as well as three additional focus group sessions. Residents have submitted more than 200 letters of support and a supporting petition with more than 1,200 signatures. There have also been 38 letters of support from area businesses, which represent a total of more than 6,400 employees. Letters expressing opposition total 222 so far.
Staff has recommended approval for the proposal, subject to conditions and review over the course of the development cycle. The Prescott Valley Planning and Zoning Commission is scheduled to hear the requests on June 10.
