Kicking off the first phase of what is projected to be a 1,600-acre, 19.6-million-square-foot master-planned business park in Goodyear, Ariz., the first building in the Palm Valley 303 project was dedicated in a private event on March 3. Developed by SunCor Development Co., Tempe, Ariz., this 440,000-square-foot cross-dock distribution building was the first of what could be some 60 buildings constructed at the confluence of Interstate 10 and Loop 303 over the next 26 years.
According to Mitchell Rosen, director of office and industrial development at SunCor Development Co., an additional 2 million square feet of warehouse and distribution space is planned for Phase I, with 387,000 square feet of light industrial and 208,000 square feet of retail on the drawing board. Additional phases will be completed on a schedule determined by the needs of tenants.
Expected to take more than two decades to complete, construction of Palm Valley 303, which will incorporate office, retail, and industrial space, is estimated to have an economic impact of $2.4 billion to the Arizona economy, according to an economic and fiscal impact report produced by Elliott D. Pollack & Co., a real estate and economic consulting firm based in Scottsdale, Ariz.
“With two miles of freeway frontage and all the anticipated growth in the area during the next two decades, Palm Valley 303 provides a unique business opportunity,” says Rosen. “It's a strategic location close to transportation routes, a quality labor base and desirable homes and communities.”
Ultimately, Palm Valley 303 will include more than 60 buildings ranging in size from 10,000 to more than one million square feet, totaling 19.6 million square feet at completion.
In addition to providing office and retail space, Palm Valley 303 is designed to be an important distribution destination for warehousing because the project is just a 5½-hour truck haul from the Ports of Los Angeles and Long Beach.
Construction jobs, ongoing jobs created once the buildings are completed and leased or sold, and increased revenues to local governments are among the benefits sited in an economic and fiscal impact report produced by Elliott D. Pollack & Co. Specifically, the report revealed that a total of 770 new construction jobs are expected to be created annually during the projected 26-year construction time frame.
Based on the scope, magnitude, and duration of this project, Palm Valley 303 will undoubtedly provide significant business opportunities for contractors in the area. According to Rosen, general contractors and subcontractors alike will have a shot at bidding on individual jobs, as the work on each building will be awarded on a case-by-case basis.