Featured in Phoenix Business Journal on Jan. 25, 2022.
More businesses are showing interest in moving to the West Valley across the office and retail sectors as planned projects get closer to being developed. Major developments that continue to see activity include Goodyear Civic Square, a massive office and mixed-use project, and Village at Prasada, an outdoor shopping center in Surprise.
Experts say all sectors will continue to grow as the West Valley, which has some of the fastest-growing cities in the nation, sees more interest in people moving to the area while companies bring new jobs and demand for amenities.
The West Valley currently has about 1.7 million residents and is expected to increase to 2.1 million by 2030, according to Westmarc. The median age of residents is 35, while the average household income is about $75,556. More than half of West Valley residents are also of workforce age.
Industry experts gave updates on trends and projects for the Phoenix metro on Jan. 21 at the West Valley Commercial Real Estate Group event run by Phoenix West Commercial LLC.
Here's an update on several West Valley projects:
Goodyear office, retail, residential
Goodyear plans to bring new office, retail and residential growth along with its new civic center and library near 150th Avenue and McDowell Road just north of Interstate 10.
George Getz, president and co-CEO of Scottsdale-based Globe Corp., which is developing the civic center, said the center was initially planned for the ballpark area, but the city came to Globe Corp. a several years ago to move the city hall location after the Great Recession.
The first phase of the project promises a two-story library, city hall, parking garage and 103,629 square feet of office space, a sector that has been limited in the West Valley. Between several major West Valley cities, there's only about 2 million square feet of existing office space, Getz said. (Read more)
SimonCRE focus on retail
SimonCRE currently has about 240 projects across the nation, including several across the West Valley, which has started to see retail growth pick up in recent years. Surprise ranked No. 18 among top U.S. growth cities in 2021 for where people were moving.
“The biggest thing that’s happened for the West Valley is the Loop 303 has really expanded that growth avenue,” Joshua Simon, CEO of Scottsdale-based SimonCRE, said at Friday’s event.
SimonCRE is currently developing projects such as Jackrabbit Ranch Marketplace in Buckeye and Village at Prasada, a 700,000-square-foot outdoor shopping center with retail, restaurants and a Fat Cats entertainment complex.
“Originally, it was dreamt in 2005, 2007 as a mall, and then the Recession hit, obviously that didn’t get built,” Simon said. “We had the opportunity working with RED [Development] and Macerich on reenvisioning the outdoor experience.”
The first phase of the project, which comprises 300,000-square-feet, is 100% leased or has a letter of intent for space. The next phase, which is about two years from being completed, could be closed out by the end of this year with tenants, Simon said.
Tenants include Sprouts Farmers Market, Ross, Ulta Beauty, Marshalls, Five Below and TJ Maxx, among others. Simon said they’re also close to signing a lease with Floor & Decor, Hobby Lobby and potentially DICK's Sporting Goods.