The City of Maricopa will pay $29.3M to El Dorado Holdings for a 309-acre parcel intended as the future site of a “Smart Rail Park” industrial development.
The planned rail-served park is more than 1,400 total acres, roughly half of which will be City-owned, according to a presentation by Maricopa Chief Strategy Officer Rick Horst.
The purchased 309 acres is planned as part of an industrial plat with land between West Cowtown Road and West Steen Road, east of North White and Parker Road.
Maricopa has put out an invitation for bids for a master developer, and Horst said the City already has potential bidders lined up.
The park could serve as a home to as many as 36,000 jobs and create 12MSF of industrial space.
Maricopa will fund the land purchase from its cash reserves. Horst said federal grants are available for infrastructure, utilities, road improvements, fees and other costs associated with the plan. An advisory group of economic industrial board members will be created to oversee and advise on the development. (Source)
