Large retail center with proposed Costco slated for West Valley municipality
A massive paved lot in Buckeye could be developed nearly 20 years after a retail center was first proposed for the property.
Article originally posted here.
The site is located on the southeast corner of Interstate 10 and Verrado Way near the east entrance of Buckeye, one of the fastest-growing cities in the country.
Prior to the Great Recession, the property was slated for a 744,000-square-foot power center called Buckeye Parkway Center anchored by a Super Target, but plans never came to fruition.
Now, San Diego-based developer Sunbelt Investment Holdings Inc., also known as SIHI, is looking to build a similar retail center that could be anchored by Costco and comprise 18 buildings of various sizes totaling 411,000 square feet, according to a new brochure of the property.
At a June 7 meeting, Buckeye City Council will hold a public hearing for a public infrastructure reimbursement agreement for Nevada Holding Co. LP, which is connected to Sunbelt Holdings, according to city documents.
City documents said the company is the owner of about 75 acres and plans to develop a “major retail center” called Buckeye Commons, which will include a number of large retail tenants. The agreement said the city will reimburse up to $7.98 million for public infrastructure improvements such as installing a permanent four-lane street with various components, a traffic signal at Jackrabbit Trail and Roosevelt Street.
The infrastructure improvements, about $900,000 of which will be paid for by Ed Key Schools, will support both the future retail center and the region, documents added.
The city has entered into reimbursement agreements for infrastructure improvements with other developers to help speed up the process for infrastructure development.
SIHI did not immediately respond to a request for comment. Zachary Pace, Greg Laing and Teale Bloom of Phoenix Commercial Advisors are listed as the leasing agents for the property.
The Buckeye Commons property is part of a fast-growing intersection that will soon be home to a 330,000-square-foot Banner Health hospital, an Abrazo Health medical campus and a $125 million, 500,000-square-foot shopping center known as Verrado Marketplace.
Experts have previously said the upcoming intersection will be the hottest in the Valley, especially in the West Valley. Verrado, an 8,800-acre master planned community north of the intersection, has about 6,000 homes and limited retail.
The property is also adjacent to Sequoia Pathfinder Academy and Summit Community Church.
Buckeye, which has 101,315 residents, has historically been an underserved retail market, but city officials and real estate experts have said the city needed to meet a population threshold before companies started bringing more retail to the area.
Buckeye has been working to find infrastructure to support more jobs, industrial centers and retail options to catch up with the residential growth in the municipality. It’s also in the process of revitalizing its historic downtown area, which has seen new life in recent years.
The city is also in the process of widening I-10 from Verrado Way to State Route 85 from two to three general purpose lanes in both directions.
The West Valley has continued to see increased commercial growth with new retail centers, office projects, hotels, health care and industrial buildings. North of Buckeye, Scottsdale-based developer SimonCRE is building a 700,000-square-foot retail center with major retail tenants and restaurants. The giant power center is nearly 100% leased.