By BEX Staff for AZBEX
SimonCRE has closed on 44 acres of land for the upcoming development of Asante Trails, a master-planned development that SimonCRE says “will provide a major mixed-use project to the growing community.”
The developer’s announcement said, “The land, which has sat vacant since being purchased in 2007 by Kimco Realty, was originally intended for a large-scale power center of more than 90-acres during the height of their popularity. As other major developments, such as Village at Prasada, have been built up, the area and its usage have been reevaluated.”
Local news outlets reported an entity affiliated with GTIS Partners acquired the Asante Trails property from Kimco Realty for $20M earlier this month. SimonCRE and partner Jim Stockwell Jr. paid GTIS $7.4M for their portion of the property. HonorHealth paid GTIS $13M for 20 acres where it plans to build a hospital.
The Surprise City Council approved a planned area development amendment request that included hospital, hotel, retail and industrial uses in August.
News reports said the retail development will take place in several phases, with the first 50KSF of retail pads expected to break ground early next year. Future phases are expected to total several hundred thousand square feet to be built out over several years.
