Condos May Rise on Medical Office Parcel; Simon Nears Deal on Site for Outlet Mall
- Jan 26, 2012
The current site of a medical office building near the Paradise Valley Mall may be transformed into a multi-family development. Cachet Homes is eyeing a 4.5-acre parcel at 4232 East Cactus Road for a 200-unit condominium complex, the Arizona Republic reports. Completed in 1979, the two-story medical office building that currently occupies the site is owned by Suko L.L.C., a private partnership. The site’s proximity to the shopping center and to other multi-family properties makes it attractive for a residential development, but the process is still in its early stages, as the site requires rezoning, the Republic reports.
In other development news, a 360,000-square-foot outlet mall is edging closer to reality as Simon Property Group Inc. is set to seal a leasing deal for a parcel owned by the Gila River Indian Community, the Phoenix Business Journal reports. The move is a step toward developing a project that will offer as many as 90 stores. If it goes forward, the project would add metropolitan Phoenix to Simon’s roster of outlet malls in the Southwest, which includes San Diego, Los Angeles, Las Vegas and Dallas. Nike, Coach, Perry Ellis, Puma and Ann Taylor are among the brands represented at Simon’s outlet malls in those markets.