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Posted by Rachel on Jan 3rd, 2014 // No Comment By Eric Jay Toll for Arizona Builder’s Exchange
After the bean counters tallied concerns about the original proposal, Peoria Sports Park LLC checked off each issue and is ready to move forward with Avenue Shoppes at P83—the new Peoria entertainment and hospitality district on 83rd Avenue adjoining the Padres’ and Mariners’ spring training stadium.
PSP, a local development company led by Mike Oliver, has fine-tuned the development plan for a retail, dining and lodging concept that will likely cost over $90M to build. With a green light from the council next month, construction could begin within a year. Approval of the ground lease is expected in February—that action kicks off the dream-to-reality process for Peoria and the developer.
The new design consolidates the hotel above retail and brings 130KSF of entertainment, retail and restaurants into the P83 entertainment zone. The new development will replace the city’s parking lot between Loop 101 and the ball field. One of two city-funded parking garages will go up between the Avenue Shoppes and the stadium with six levels and space for about 1,800 vehicles and the other, with three levels space for 750, is in the south-central portion of the development on the road to the stadium. The developer will also construct and maintain more than 400 surface spaces.
The 80 foot tall hotel includes 10KSF in conference space and a rooftop lounge which city officials believe can be an attraction in its own right. The development team—PSP, Chandler Hotel Group, Velocity Retail Group, CBRE,Specialty Retail Properties and engineer/architect Michael Baker Jr. Corp.—target the project in a class with Biltmore Fashion Park, Scottsdale Fashion Square, Chandler Fashion Center and Arrowhead Towne Center.
Last April, the city contracted with Ernst & Young LLP to undertake a feasibility study of the initial proposal. E&Y was critical of the initial plan for reasons ranging from cost, developer ability to find financing and tenants, to the shape of the project.
The new proposal is about half the cost of the original $180M winning proposal PSP submitted. That concept included apartments and set the Shoppes immediately adjoining the ballpark. The new proposal dropped the apartments, cut the size of the retail complex and shifted parking to open the site to freeway visibility.
PSP responded to the Ernst & Young concerns—and walked out of the December study session with the city’s economic development department’s support. Once the council approves the ground lease, PSP will have one year to break ground. At that time, the city can extend the agreement or seek new proposals.
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WHETHER YOU LEASE OR OWN
NOW IS THE TIME FOR YOU TO EXPAND, UPGRADE OR INVEST.
we are at on the a rise of the cycle in Commercial Real Estate. so there is only one way and it’s called we are going up and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix. The prices on deals I may get you will not be around forever.
WAITING TO SELL YOUR LAND ? TIMES CHANGE / IT’S TIME
We barely could give land away the last few years, but times are changing. Even in those meager years, I sold more land across the state than most other brokers. Before the real estate crash I was a land specialist in Arizona with millions of dollars of transactions, but then I had to change and also sell other commercial investment properties, which was fun, but I am a Commercial Landspecialist in Arizonal, a Commercial Land Specialist in Phoenix and love to sell land, one acre to thousands of acres.
If you have any questions about Commercial Investment Properties in Phoenix or Commercial Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion in Commercial Properties in Phoenix or Commercial Properties in Arizona with you.Obviously I am also in this to make money, but it could be a win-win situation for all of us.
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Walter
Walter Unger CCIM
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