Utah developer proposes 4.4 million-square-foot industrial facility in fast-growing West Valley – The Business Journals
Another large industrial park is being proposed for the fast-growing Loop 303 corridor in Glendale adjacent to a facility that will house global sportswear company Puma.
The new 4.4 million-square-foot campus will be called Parkway 303 East and be developed on the northwest and northeast corners of Olive and Sarival avenues in Glendale.
The facility is slated to include four buildings totaling about 1.1 million square feet each. The property is also located north of Northern Parkway and runs along the Loop 303.
The developer of the property, which is not named in city documents, is currently seeking annexation into the city of Glendale for 276 acres for the planned industrial park, which will also sit adjacent to a small residential neighborhood.
Maricopa County records, however, show the owner of the property is Utah-based Suburban Land Reserve Inc., a real estate arm of the Church of Jesus Christ of Latter-day Saints. The company is also developing Parkway 303 West, another large industrial park totaling 3.4 million square feet across multiple buildings.
The Utah firm is known for historically owning more than 5,400 acres across more than 300 parcels in Maricopa County. It has been considered one of the largest private land owners in the Phoenix area.
If approved, a city report said the developer will also apply to rezone the property from rural residential to planned area development to allow for manufacturing, assembly, employment, distribution and warehousing. The developer is also looking to amend the city’s general plan to redesignate the property for light industrial development, city documents said.
The application will be presented to and discussed at a City Council workshop on Sept. 27. Butler Design Group Inc. is listed as the architect, and Withey Morris is listed as the attorney. Withey Morris said it is representing Suburban Land Reserve in the Parkway 303 East project.
The Parkway 303 West park will also feature 65,850 square feet of commercial development at the southeast corner of Cotton Lane and Peoria Avenue. The city approved the annexation and rezoning for the 262 acres last year.
An economic impact report conducted in August by Applied Economics for Parkway 303 East, the newest proposed project, said the planned 4.4 million-square-foot park is expected to cost $599 million to build and generate a couple thousand jobs, depending on the potential tenants or building uses.
Despite a potential slowdown in the U.S., the Phoenix metro is expected to lead in industrial development alongside a few other large markets.
The Valley has also increased the size of industrial facilities in recent years. Real estate experts say about eight buildings larger than 1 million square feet are currently under construction, while another is set to break ground soon. Several of these are also already reserved for one tenant each.
Amazon Inc., Lowe’s and Puma are three of the known tenants that signed those huge leases this year. Amazon signed a 1.1 million-square-foot lease in the first quarter at the recently sold Elliot 202, which was slightly topped by Lowe’s and its 1.2 million-square-foot lease at The Cubes in Mesa Gateway.
Puma inked a 15-year lease in the second quarter for the first building at 303 Crossroads, a 1.7 million-square-foot facility with two industrial buildings fronting the northeast corner of the Loop 303 and Northern Parkway in Glendale.
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