1,600-Acre Business Park Planned for Phoenix Suburbs
- Mar 03, 2008
Taking advantage of a market less than six hours from the ports of Los Angeles and Long Beach, Tempe-based SunCor Development Co. is planning a 1,600-acre 19.6 million-square-foot business park in the Phoenix suburb of Goodyear. No financials associated with the 26-year-long project were released, but developers project the price tag in the billions at build-out. SunCor displayed its first building at an event on Monday. The 440,000-square-foot, speculative cross-dock distribution building is the first of about 60 buildings planned for the project. SunCor plans to ultimately build-out with office, retail and industrial space. Named Palm Valley 303, the 2multi-phased project will be located at Interstate 10 and Loop 303 in Goodyear. “Now is a good time in positioning the project as we see the importance of strategic locations in the metro Phoenix area locations for industrial, warehouse and office,” Jay Ellingson, SunCor executive vice president, told CPN today. “This particular location will be enhanced by the completion of Loop 303, which will start and be completed in the next seven years.” Additionally, the site’s proximity to the ports in California, in terms of taking containers off boats and bringing them to Phoenix for further distribution north and into other states makes it a good location, Ellingson added. “This cross dock facility affords the opportunity to bring materials in, assemble, break down and redistribute products as they come off containers from Long Beach and Los Angeles among other ports and that is another reason why we’re excited about project,” he added. The planned 60 buildings will range in size from 10,000 square feet to more than 1 million square feet, totaling 19.6 million square feet at completion. The categories and square footage of the project include 1.8 million square feet of office; 1.3 million square feet of flex office; 2.8 million square feet of retail; 1.3 million square feet of light industrial; and 12.3 million square feet of warehouse and distribution. In addition to the 440,000-square-foot building unveiled today, Phase I will include an additional 2 million square feet of warehouse and distribution space as well as 387,000 square feet of light industrial and 208,000 square feet of retail on the drawing board. Additional phases will be completed on a schedule determined by the needs of tenants.Since purchasing the property from the Goodyear Tire & Rubber Co. in 1986, SunCor has been holding the property, awaiting market growth and demand to dictate the timetable for launching the Palm Valley 303 project, Ellingson said. SunCor Development Co. is a subsidiary of Fortune 100 company Pinnacle West Capital Corp., conducting business in the Mountain West Region through business sectors including community homebuilding, master-planned communities, commercial development, and mixed-use urban infill development.