Peoria P83 $91M Project Moving Forward Answering Council Concerns








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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 GroupVelocity Retail GroupCBRE,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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I am a successful Commercial Investment Real Estate Broker in Arizona now for 20 years and I worked with banks and their commercial REO properties for 3 years. I am also a commercial landspecialist in Phoenix and a Landspecialist in Arizona.





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