The Phoenix-Mesa Gateway Airport Authority has approved a 40-year master development agreement with The Boyer Company to develop GatewayEast, a 270-acre area on the airport’s northeast side dedicated for non-aeronautical projects.
While the ultimate planning process lies with Boyer, the long-term vision is a three-phase mixed-use commercial area. The tentative master plan calls for a mix of 50% industrial, 32% office, 9.5% retail and 6.25% hospitality development.
The airport is restricted from selling the land outright, but it has the right to allow outside parties to develop on the site. Boyer will pay $0.55/SF for developed lots and a 10% revenue share. Revenues generated from the development will be used for future airport expansions, if needed.
Approval of the deal means Boyer can begin work on its plan to develop 110 acres in Phase I, which will primarily consist of industrial projects and a small volume of retail.
The term’s timeline commitments require Boyer to complete all Phase I infrastructure and 500KSF of development within five years. 1.5MSF of development and all Phase II infrastructure must be complete by year 10.
The City of Mesa has committed to developing Gateway Blvd., the first 1,000 feet of new roadway to access the site. Boyer and PMGA will develop the remainder of the road. (Source)
