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Friedman Realty Associates - Your Neighborhood Real Estate Company
RETAIL UPDATE FROM APRIL SEMINAR
The real estate seminar sponsored by Friedman Realty Associates on April 24 at the Kiva Club was very well attended. For those not in attendance, here are the highlights from the three speakers.
Steve Prokopkek, Peoria’s Director of Economic Development, updated the audience on several areas of economic development in Peoria:
There is a renaissance in downtown Peoria—located in the area of 83rd Avenue, Grand, and Peoria—where all kinds of redevelopment is happening. A lot of money and effort is going into the area both culturally and in public services. Downtown Peoria will have 8,000 SF of retail, a new performing arts center, and all-new residential communities.
The 303 will take several more years to complete as a four-lane highway from Happy Valley to I-17, connecting Interstates 10 and 17. Later on the 303 will become a six-lane freeway. 124,000 new jobs will develop along the 303 corridor alone by 2030.
Happy Valley Road will connect to Interstate 17.
800 acres of commercial development in Vistancia will target:
+Advanced business services (banking, finance, insurance, etc.), healthcare-related businesses, and medical facilities.
+A higher-end automotive dealership area similar to the one on North Scottsdale Rd. near the 101.
+ A potential future “lifestyle center” on the order of a Kierland Commons having an outdoor, pedestrian environment with restaurants and shops.
+Higher density multi-story office complex.
Jan Martin, Director of Real Estate for Safeway Stores brought us a “taste of Safeway”—Starbuck’s Coffee, cookies and bottled water—and shared with the audience about Safeway’s 58,000 square-foot store to be located on the northeast corner of El Mirage Rd. and Vistancia Blvd. The Safeway store will be virtually behind and just to the west of the Vistancia waterfall. Safeway hopes to open the store by the end of the first quarter of 2007. It will be one of their new lifestyle concept stores with an enhanced bakery and an enhanced deli, Starbuck’s, U.S. Bank, and a pharmacy.
Rick Hearn, Director of Leasing, Vestar, Inc. Vestar, a local Phoenix company, is developing the Lake Pleasant Towne Center on the northwest corner of Lake Pleasant Pkwy. and Happy Valley Rd. Grading and a lot of infrastructure development have started. The center is expected to be ready for tenant build-out in March, 2007.
Vestar, Inc. developed the Desert Ridge center at the 101 and Tatum and several other centers and takes pride in each of their centers being unique from the others. One of the main differences between Lake Pleasant Towne Center and Desert Ridge is that Lake Pleasant Towne Center will not have an entertainment piece. Some of the architectural features at Lake Pleasant Towne Center will include firepits, patios and fireplaces. A natural wash will run diagonally across the lower east corner of the center and will provide a natural separation of the power center anchors and junior anchors from the smaller shops. (See site plan and list of stores HERE on the website.)
Asked about high end specialty stores, specifically using the examples of Chicos, Barnes & Nobles and Nordstrom, he explained that until there is more of a resort business and commercial daytime population, in addition to more residents, to draw shoppers it will be awhile, approximately six years, until such stores will open in this immediate area. Freeway accessibility will be another factor. The “lifestyle center” mentioned by Steve Prokopek could have stores like Chicos and Barnes and Noble. However, a regional mall that would have stores such as Nordstrom is not in the plans for this trade area. Regarding a question about upscale restaurants, the same population reasons for their delay applied, but they were expected in this trade area in about four to six years.
Thank you to the speakers and to all who attended.
Friedman Realty Associates
12422 W. Bent Tree Dr.
Peoria, AZ 85383
Ted Friedman, Designated Broker
623-476-2491 or 877-290-3626 (Toll-free)
Send an Email to:
Ted Friedman of Friedman Realty Associates
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Lana Friedman of Friedman Realty Associates
Friedman Realty Associates, specializing in the neighborhoods of Trilogy at Vistancia and Vistancia.
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