SimonCRE and Carefree Partners have formed a joint venture to develop part of the master-planned Surprise City Center.
The JV will develop an initial 70KSF of retail and restaurant space to be followed in the future with office, ground floor retail, apartments and entertainment outlets on between 30 and 40 acres.
The initial $35M development has already secured several tenants, mostly restaurants, and approximately 35KSF of the space is under lease or has commitments in place even though construction has not yet begun.
Construction of the first phase is expected to commence in Q3, with delivery expected in approximately a year. No general contractor has been announced.
The Surprise City Council has approved an incentive agreement that will reimburse the JV for building out Elm Street to Bullard Avenue. The reimbursement is capped at $6.5M.
Phoenix Commercial Advisors is the project leasing broker.
Approximately 15%-20% of the total 640-acre City Center master plan site has been built out. The JV with SimonCRE and Carefree Partners will add a walkable retail component, according to project representatives. (Source)
