{"id":1004631902,"date":"2022-11-23T03:39:17","date_gmt":"2022-11-23T11:39:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004631902"},"modified":"2022-12-09T02:10:34","modified_gmt":"2022-12-09T10:10:34","slug":"510m-phoenix-area-project-moves-forward","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/510m-phoenix-area-project-moves-forward\/","title":{"rendered":"$510M Phoenix-Area Project Moves Forward"},"content":{"rendered":"
\"\"<\/a>

Stadium Point. Image courtesy of Peoria City Documents<\/p><\/div>\n

The Peoria City Council has approved a tax incentive agreement for the development of Stadium Point at P83, an estimated $510 million mixed-use commercial and residential district in Phoenix\u2019s Peoria suburb.<\/p>\n

Developed by Steinhauer Properties Inc<\/strong>. the new mixed-use destination near the Peoria Sports Complex at 16101 N. 83rd Ave. will total more than 1 million square feet.<\/p>\n

Steinhauer will purchase the site from the city for the duration of the construction period and then transfer ownership back for up to eight years or until at least $15 million in public infrastructure required for the project has been completed. Construction of the community will begin in 2023, taking place over an expected 12-year timeline.<\/p>\n

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READ ALSO<\/strong>: Seeking Development Financing? Here\u2019s What to Expect<\/a><\/p>\n

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Steinhauer had been selected as the lead developer for the project in 2020. The agreement for the project\u2019s continuation also allows for the implementation of the Government Property Lease Excise Tax Program, which could reimburse further improvements to the public infrastructure that the developer makes during construction.<\/p>\n

One of the largest speculative developments in the city, the plan calls for two Class A office towers totaling more than 645,000 square feet, 65,000 square feet of retail and restaurant space, a 200-key hotel, 357 multifamily apartments, as well as a separate 28,000-square-foot food court. The reconstruction will also include internal roadways for transportation throughout the district, in addition to other public and private improvements expected to total $40 million.<\/p>\n

Situated at the site of one of the city\u2019s largest sports complexes within the P83 entertainment district, the development is at the center of many of Peoria\u2019s dining and retail offerings along the New River, providing quick access to the Agua Fria Freeway. The district will be located within 15 miles of Phoenix.<\/p>\n

Phoenix\u2019s flurry of mixed-use developments<\/h2>\n

Stadium Point advances just as numerous other large-scale mixed-use development projects around metro Phoenix go from the planning stages to hard hat zones. In Scottsdale, Ariz., Caliber has recently acquired leasing rights for 100 acres for the development of Riverwalk<\/a>, a mixed-use entertainment and hospitality complex. Elsewhere, the Phoenix City Council approved the full redevelopment of the Metrocenter Mall<\/a> into a $750 million, three-phase multifamily community with an additional 100,000 square feet of retail space.<\/p>\n","protected":false},"excerpt":{"rendered":"

Plans for Stadium Point at P83 call for office, retail, hospitality and multifamily components.<\/p>\n","protected":false},"author":3012,"featured_media":1004631901,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21752,21747,1601,21749,15],"tags":[51783],"class_list":["post-1004631902","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-mixed-use","category-office","category-phoenix","category-retail","category-west","tag-steinhauer-properties-inc"],"acf":[],"yoast_head":"\nDevelopment of Phoenix Commercial District Proceeds - CPE<\/title>\n<meta name=\"description\" content=\"Steinhauer Properties Inc. is leading the development of the mixed-use commercial space, which has an estimated cost of $510 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/510m-phoenix-area-project-moves-forward\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$510M Phoenix-Area Project Moves Forward\" \/>\n<meta property=\"og:description\" content=\"Steinhauer Properties Inc. is leading the development of the mixed-use commercial space, which has an estimated cost of $510 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/510m-phoenix-area-project-moves-forward\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-23T11:39:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:10:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/11\/stadiumii.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gabriel Frank\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/510m-phoenix-area-project-moves-forward\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/510m-phoenix-area-project-moves-forward\/\",\"name\":\"Development of Phoenix Commercial District Proceeds - CPE\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/510m-phoenix-area-project-moves-forward\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/510m-phoenix-area-project-moves-forward\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/11\/stadiumii.jpg\",\"datePublished\":\"2022-11-23T11:39:17+00:00\",\"dateModified\":\"2022-12-09T10:10:34+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/cf1bfd2d6753f6ea305911ffd020862c\"},\"description\":\"Steinhauer Properties Inc. is leading the development of the mixed-use commercial space, which has an estimated cost of $510 million.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/510m-phoenix-area-project-moves-forward\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/510m-phoenix-area-project-moves-forward\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/510m-phoenix-area-project-moves-forward\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/11\/stadiumii.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/11\/stadiumii.jpg\",\"width\":800,\"height\":620,\"caption\":\"Stadium Point. 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