The tract is situated at the northwest corner of Glendale and 91st avenues. An application has been filed with the city to annex the site. "It is our hope to have the property annexed in the second quarter of next year," James Mahoney, Trammell Crow's managing director in Phoenix, said in a prepared statement.
In May, the Trammell Crow-managed limited liability company paid about $6.4 million for the land at a US bankruptcy court-ordered auction of Icon Studios' assets. Icon filed its Chapter 11 last year and dashed dreams for a movie studio and business center. Icon acquired the property from the Yeoman Trust.
The land, says Mahoney, is ripe for growth due to its proximity to Loop 101 and Glendale's successful courting of the Phoenix Coyotes hockey arena and commerce center at the intersection of Glendale and 91st avenues. Just recently, the the city agreed to put up $180 million for the 17,500-seat arena project, a surefire development spark. Coyotes' owner Steve Ellman will foot project costs in excess of the $180 million plus pay the city out of the Coyotes' revenues should the retail portion fall short in generating projected sales tax income.
The latest deal puts Ellman under pressure to deliver at least 800,000 sf of retail space within six months of the arena's opening. At build out, the project will yield more than 1.5 million sf, a hotel and residential housing.
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