Rose Properties Southwest LLC continues its Southwest Valley buying spree with the $5 million purchase of its sixth property in Avondale.
The 32 acres on the southeastern corner of Avondale Boulevard and Broadway Road near Phoenix International Raceway are the second purchase for Rose Properties at that intersection. It was purchased from Evergreen Development Co. on June 21.
John Ruggieri, president of Goodyear-based Rose Properties, said the site surrounded by residential development and on the key route to PIR is ideal for commercial development.
"Thanks to the vision of the Avondale City Council, Avondale Boulevard will become a major north-south corridor and the heart of the city," Ruggieri said. "The planned widening of Broadway Road will create strong visibility for the site from the east and west as well."
Ruggieri said Avondale is planning to widen Avondale Boulevard to seven lanes and Broadway Road to six.
"So it’s a major corner, and we really like that, so before we start saying what we think it’s going to be, I think that it would be a good idea for us to have that conversation with the city," he said. "Right now, we don’t have any specific plans for the property. We know that it will be an anchored site because of the size of it."
Ruggieri said, "We really like the trends that are going on in Avondale, and we like the fact that the City Council is guiding the north part of Avondale Boulevard into a mixed-use, specific-plan area. We think that will be good for the corridor and the city."
He is referring to the planned city center that will stretch from Interstate 10 south to Coldwater Springs Boulevard abutting the city complex. It will encompass land about one-quarter mile on either side of Avondale Boulevard.
The council’s vision for the city center is to create a destination for shopping, restaurants and entertainment with some mixed-use development that includes hotels, condos and offices.
Rose Properties is a privately held real estate development and investment firm specializing in land acquisition, land entitlement, development and asset and property management.
The company’s largest project in Avondale is the proposed 40-acre Pasadera on the southeastern corner of Dysart and Indian School roads.
Goodyear recently selected the company to build a $70 million spring training facility for the Cleveland Indians.
David Madrid
The Arizona Republic
