By BEX Staff for AZBEX
Developer SimonCRE has announced it acquired the 15.6-acre Roosevelt Commons site in Buckeye and plans to proceed with plans to develop it into a retail center with retail, restaurant and other commercial offerings in support of the growing community around Interstate 10 and Verrado Way.
Local news sources report the $15.9M sale to SimonCRE closed Dec. 9.
According to the developer’s press release, “The center, which sits at the corner of Roosevelt and Verrado Way, is just off the I-10 Freeway and will provide shops, pads, and restaurant space to the quickly growing number of residential developments in Buckeye. Roosevelt Commons will sit on the southwest corner of this high-profile intersection, placing it directly across from the 27-acre Abarazo Health campus at the northwest corner and the Costco-anchored retail center on the northeast corner of Roosevelt and Verrado Way. Just across the I-10 Freeway, a proposed open-air retail center will bring retailers such as Target, Safeway, Marshalls, Ross, HomeGoods, and Harkins BackLot. All of this development stands to establish the intersection as one of Buckeye’s most heavily trafficked in coming years.” (Emphasis added)
Last December, AZBEX was the first to report on Roosevelt Commons when previous owner Geddes Capital Resources, LLC brought the site before the City for rezoning from Single-Family Residential to Business Park with Planned Area Development Overlay to enable future development. The narrative accompanying the rezoning request outlined several potential uses for the site. (AZBEX; Dec. 20, 2022)
According to the press release, the development is seeing healthy pre-lease activity and recently executed a lease with Someburros for a restaurant on the site.
“The developer has several other tenants signed and at lease in the center, including additional restaurant options, for which they plan to announce the lineup in the near future,” the release says. “There is also a hotel that has already closed on their portion of the property and is set to join the center. The developer also shared that they plan to start construction in January of 2024, with delivery of the first phase of construction occurring in late 2024.”
SimonCRE is the developer. News reports say RKAA Architects is the design firm and Irwin Construction Company will serve as the first phase’s general contractor.
