PHOENIX — Dallas developer Formation Interests this week purchased an office complex near the Metrocenter redevelopment in north Phoenix, according to a news release.
As part of the purchase, Formation, along with Crow Holdings Capital and Comerica Bank, will begin turning the seven-story building office campus into Formation Park 17, a mixed-use business park.
Formation Park 17 will be located along the intersection of Interstate 17 freeway and Peoria Avenue.
After demolishing the existing office buildings, Phase 1 of the park, which will feature a two-story, 428,000 square-foot building with a 5-acre park, will begin construction later this month.
Phase 2 of the park will total three buildings that will take 260,000 square feet with construction set to begin later this year, according to the release.
Formation Park 17 is expected to be completed by fall 2026.
“FORM17 represents the first transit-oriented industrial business park in Phoenix history, providing walkable connectivity to the metro light rail, a city park, hundreds of restaurants and lifestyle amenities and the $1 billion mixed-use redevelopment of Metrocenter mall,” Formation director Mike Gilbert said in the release.
“This location along the I-17 provides unmatched access to consumers and labor, along a corridor starved for supply of modern industrial facilities. FORM17 fits squarely into Formation’s strategy of identifying special urban development projects in Texas, Phoenix and the Southwestern U.S.”
What other amenities will the Phoenix property have?
The park will have four buildings, totaling 430,000 square feet. The park will feature light rail access, restaurants, picnic areas and a labor pool.
