Peoria signs agreement for development on over 6,000 acres of State Trust land

PHOENIX — The Peoria City Council has signed a partnership with the Arizona State Land Department for development of 6,700 acres of State Trust land, according to a press release.

Peoria will provide $140 million to the project that will cover over 10 miles of land that covers the Loop 303 corridor, from Lake Pleasant Parkway to the State Route 74 Freeway.

“In Peoria, we challenge ourselves to find innovative ways to grow responsibly, while preserving the character that makes our city special,” Mayor Jason Beck said.

“Our partnership with Arizona State Land will provide the city with thousands of new jobs, quality restaurants, retail, and housing. This partnership represents Peoria’s economic development future and will generate hundreds of millions of dollars in new revenue for our city over the next 20 years.”

The development will bring job opportunities in Peoria with the land being used for semiconductor production and the aerospace and defense industry as well as commercial and retail use, according to the release.

The city will be reimbursed $500 million from the land sales that will go toward building utility infrastructure on the site.

“By putting in the infrastructure in advance, the land becomes more desirable for developers and businesses as it speeds up the time to market,” Beck said. “For our residents, it means more local job opportunities, shorter commutes, and a higher quality of life.”

More information on the project can be found online.