By BEX Staff for AZBEX
Having paid $136M for the site in a June Arizona State Land Department auction, Mortenson Development is moving ahead with its plans for 217 acres at the NWC of Scottsdale Road and Loop 101 in north Phoenix.
The site was once proposed for an entertainment district and arena for the Arizona Coyotes before the team relocated to Utah.
Phoenix City Council will consider a proposed development agreement for public infrastructure with the company as part of its Aug. 27 meeting. After Council authorizes the process, the City of Phoenix and Mortenson will have 12 months to iron out and enter into an agreement.
Development Details
Mortenson will serve as master planner for the entire 217-acre site, according to the agenda information. The overall development is expected to ultimately deliver at least 5MSF across multiple phases. Components will include office, retail, restaurants and entertainment uses.
Phase I will include a 30-acre mixed-use campus of at least 350KSF.
While not given a specific name in the Council agenda information, an associated environmental site assessment prepared by Speedie and Associates identifies the plan as Project Paradise. The assessment found no historically recognized environmental conditions on the site.
A key component of the agreement and the overall development is mitigation of the Paradise Ridge Wash. According to the agenda, “An ASLD requirement was a $30M contribution to Maricopa County’s Paradise Ridge Flood Hazard Mitigation Project. The Paradise Ridge Wash Mitigation project has significant impacts to north Phoenix and Scottsdale; it is a flood hazard mitigation project that will reduce the flood risk and potential damage to properties. The Paradise Ridge Wash Mitigation project will design and construct a levee system to contain the 100-year flood along Rawhide Wash in Scottsdale and Phoenix. This additional funding will allow the project to commence and remove over 1,000 acres of land from the floodplain and make it more developable.”
Mortenson will also be responsible for street frontage improvements, upgrading intersections, extending water service and sewer mains, and making other floodplain improvements.
The developer will be required to secure all permits for public infrastructure improvements, pay all initial phase development fees, and obtain the first Phase I infrastructure permit within three years of the agreement approval.
Phoenix will reimburse Mortenson annually for the improvements up to the developer’s costs, except for the $30M Paradise Ridge Flood Hazard component.
