PEORIA, AZ-Taking advantage of explosive residential growth in the area, a local developer has launched construction on Lake Pleasant Pavilion, a $60-million, 395,000-sf power center.
Under the auspices of Kornwasser Shopping Center Properties LLC, the project will sit on 40 acres at the intersection of Lake Pleasant Parkway and Happy Valley Road. It is scheduled to open in summer 2007.
Company founder Joseph Kornwasser has been developing retail properties in the Southwest close to 30 years, but Lake Pleasant Pavilion is the first one to rise under the Kornwasser Shopping Center Properties banner. Kornwasser is planning to break ground soon on a similar-size power center in Phoenix's south mountain area.
Larry and Daniel Ortega with Colliers International Inc. in Phoenix have commitments from Super Target, Bed, Bath & Beyond, Marshalls, Shoe Pavilion, Dress Barn, Lane Bryant, Party America, McDonald's and MidFirst Bank. The goal is to be 100% leased when it opens.
One reason for the high demand for retail space is the area's explosive residential growth, says Gordon Keig, Kornwasser's vice president. The other reason is Peoria's highway infrastructure. "In this area, hillsides and riverbeds impact how far some roadways can go through," he tells GlobeSt.com. "But, this intersection is one in which major arteries can go far, which is why this is an important crossroad for the area. The roadway system and population make this a great site for retail development."
LAVA Architecture of Phoenix designed Lake Pleasant Pavilion. Phoenix firms Layton Construction Co. is the general contractor and V3 Landmark Engineering Inc., the civil engineer.
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