Construction starts on Park Algodon, a Phoenix industrial and mixed-use project
May 29, 2024, 4:25 AM
Developers broke ground on Park Algodon on May 22, 2024. (Photos courtesy of Creation)
(Photos courtesy of Creation)
PHOENIX — Developers broke ground on a $250 million mixed-use project in Phoenix last week, officials said.
Real estate development firm Creation, which is based in Phoenix, threw a groundbreaking ceremony to celebrate Park Algodon last Wednesday.
This development is a two-phase industrial development project that stretches across 87 acres on the northwest corner of Loop 101 Agua Fria Freeway and Indian School Road in Phoenix.
After the groundbreaking project, phase 1 of the project is officially underway. Officials expect construction of the first phase to wrap up in fall 2025.
By that time, there will be four buildings totaling 766,000 square feet. Tenants will be able to occupy spaces between 16,000 and 317,000 square feet.
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How will Park Algodon benefit Phoenix?
Grant Kingdon, the principal of Creation’s Mountain West region, said this development will inject new growth into the area.
“Park Algodon is a special opportunity to deliver an infill, freeway-visible and highly accessible employment campus in a corridor starved for new inventory,” Kingdon said in a news release. “We’re excited to transform the site into a premier employment campus with our partner, Clarion Partners.”
When both phases of the project are complete, the employment campus is expected to be 1.3 million square feet. The buildings will have “abundant employee parking,” the news release said.
One of the companies handling the leasing assignment is Cushman & Wakefield. The company’s executive vice chair, Mike Haenel, said Phoenix needs more projects like this.
“Phoenix is among the top 10 markets with an acute shortage of small-bay industrial space that can accommodate users less than 50,000 square feet,” Haenel said in the release. “Park Algodon is a direct response to this shallow-bay inventory shortage.”
The mixed-use development will benefit all sorts of tenants, from general manufacturers to tech companies that want to grow in the Valley, he added.
In addition to Project Algodon, Creation is developing a 7-acre separate shopping center near the development. It will be called The Shops at Park Algodon, and it will cover over 14,000 square feet of restaurant and retail space. Officials want this center to have restaurants and stores that will cater to surrounding neighborhoods.
