Chicago-based General Growth Properties will expand its presence in metro Phoenix by completing a 356,000-square-foot new retail development, Parke West at Northern Avenue.
Completion is slated for fall 2007.
The property, located on 46 acres in the Phoenix suburb of Peoria, will include shopping, restaurants and movie theaters. The project was initiated by the locally based Glimcher Ventures Southwest last year, but has now been taken over by General Growth, which did not disclose the terms of the deal. According to General Growth, the company is currently examining the existing plans for the property to determine what, if any, changes need to be made.
“The location is in one of the fastest-growing parts of one of the fastest-growing markets in the country,” a spokesman for General Growth told CPN this morning. “There’s been a lot of interest in the site from major retailers, and we expect to be able to announce a number of leases shortly.”
According to U.S. Census Bureau figures, Peoria’s population has expanded rapidly in recent years, growing from about 108,800 in 2000 to about 138,000 in 2005, with a current median household income of about $52,000. Park Weste is also close to the new University of Phoenix Stadium (pictured) in Glendale, Ariz., an adjacent suburb. The stadium opened this year as home to the NFL’s Arizona Cardinals, and will be home to Super Bowl XLII in 2008. “It’s quite a draw to the area,” noted the spokesman.
General Growth is well established in Arizona. The REIT owns Arizona Center in downtown Phoenix, owns and manages Park Place and Tucson Mall in Tucson, and in southern it owns the Mall at Sierra Vista. General Growth also holds an equity interest in Arrowhead Towne Center in Glendale and Superstition Springs in East Mesa, both near Phoenix.
By Dees Stribling, Special Correspondent
