Preliminary design work is already underway on a project in Phoenix that will see the development of a combined retail and restaurant project that will go up within the borders of a planned industrial park.
To be located on the west side of the city in what is called Park Algodon, the project belongs to the Phoenix development company Creation, working with the Clarion Partners investment firm of New York.
As envisioned, the retail and restaurant component will go up on some 7 acres that are part of a larger 86 acres located on the northwest corner of Loop 101 and Indian School Road.
The larger site is expected to see the building of five industrial space structures totaling around 1.3 million square feet. First phase development of this aspect of Park Algodon will see the initial building of four structures measuring 670,000 square feet.
Later second-phase construction will center on the building of the remaining structure, measuring 556,000 square feet.
Initial work on the $250 million Park Algodon is expected to launch sometime next summer, with a general completion date for both the retail and industrial portions of the development set for late 2025.
The retail portion of the project, officially called the Shops at Park Algodon, will see the construction of around 14,000 square feet of retail and restaurant space.
The firm Creation has made a name for itself focusing on innovative mixed-use projects. To date, the company has spearheaded some $3.3 billion in industrial development, along with another $624 million in retail mixed-use projects.
Those projects include the 52,000 square-foot Collective on Baseline in Tempe, and the 24,000 square-foot Colony in Phoenix.
In a statement, Grant Kingdon, principal of Creation, predicted that Park Algodon will serve as a “catalyst to attract new employers to the area.”
By Garry Boulard