While plans are in the early stages, Mortenson Development wants to get going on a massive mixed-use project in north Phoenix. The company paid $136 million for 217 acres, having bought the land at an Arizona State Land Auction. The site was once proposed for an entertainment district and arena for the Arizona Coyotes before the team relocated to Utah.
AZBEX reports Mortenson will serve as master planner for the entire 217-acre site, which is expected to deliver at least 5 million square feet across multiple phases. Components will include office, retail, restaurants and entertainment uses.
Phase I will include a 30-acre mixed-use campus of at least 350,000 square feet.
The developer will be required to secure all permits for public infrastructure improvements, pay all initial phase development fees, and obtain the first Phase I infrastructure permit within three years of the agreement approval.
Phoenix will reimburse Mortenson annually for the improvements up to much of the developer’s costs.
