By BEX Staff for AZBEX
Having paid $32.5M for a 267-acre residential site near Citrus Road and Interstate 10 in Goodyear last year, owners Rankin Real Estate has now secured a rezoning from the City of Goodyear that converts the land use to industrial and business park uses.
The property—I-10 Citrus Gateway—sits between two other industrial properties. Officials with Rankin were quoted in a local news report saying the plan now is to work with the City of Goodyear and the Greater Phoenix Economic Council to develop the property in a way that maximizes its potential. It could end up being sold to a single developer or developed for multiple uses.
The southwest and northeast corners could also be used for retail, as the new zoning allows for not just industrial, but also office/medical office and commercial use.
Rankin and partner NewStreet Properties bought the property last year while it was still zoned residential. Residential uses would have been extremely difficult to develop, as the site is located within the contour lines for Luke Air Force Base and new water use regulations prevented obtaining a necessary 100-year Certificate of Assured Water Supply.
Industrial uses have no such water supply requirement.
An economic impact assessment from Elliot D. Pollack & Company submitted with the request projected 3.5MSF of space divided 56/44 between light manufacturing and warehousing, with total construction costs of $461.7M and equipment purchases of $54.8M.
“Once construction is completed and the new development is operating at stabilization,” the report says, “the site will create an estimated 7,537 total direct, indirect, and induced jobs paying $449.7M in annual wages. The total economic impact from annual operations on the Greater Phoenix region will be nearly $2B each year.”
The request was submitted on behalf of Rankin Real Estate, LLC and represented by the law firm of Berry Riddell, LLC. Preliminary site design materials were prepared by Butler Design Group, Inc.
