Phoenix proposes millions in reimbursements to kick off tech corridor

The city of Phoenix is looking to turn remaining vacant farmland along a major freeway corridor into a new industrial and technology-focused center.

Phoenix wants to help developers bring new industrial buildings to the Loop 202 in the Laveen area in the south part of the city by reimbursing two firms — IDM Cos. and Leon Capital Group — up to $20 million in public infrastructure costs, or $10 million for each developer.

This will help speed up development of 2.4 million square feet across 10 new industrial buildings slated for the west side of the freeway between Dobbins and Elliot roads and attract potential employers, according to the city.

Nearly 50 million square feet of industrial tenants were looking for space in the first quarter of 2023 in the Phoenix metro, according to a recent CBRE Group Inc. report.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.