Full-service real estate company Thompson Thrift has begun construction on the retail segment of a 21-acre mixed-use plot situated in Phoenix, US.
The mixed-use project will be anchored around Sprouts Farmers Market store, which spans approximately 23,000ft².
Initial retail tenants are anticipated to start operating at the property in late 2024.
Situated at the junction of 99th Avenue and McDowell Road in Phoenix’s West Valley, Thrift has already secured leases with various businesses.
These include Cava, a Mediterranean fast-casual restaurant; Nekter Juice Bar, Shake Shack, and Torchy’s Tacos, among others.
Additionally, the development will feature LaserAway, a medical spa, a nail salon, Valvoline, and V’s Barbershop,
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Currently, there is only one inline shop space and two pad sites left for lease.
The project also has plans for a Class A multifamily complex to be developed at a later stage.
Thrift Commercial managing partner Ashlee Boyd said: “This property rests on the last undeveloped corner of a major regional intersection.
“We believe this will be a standout centre and a lasting asset for the community.”
Located at the intersection of the Interstate 10 motorway and Loop 101, the site is opposite Gateway Pavilions, a retail centre housing national brands such as Costco, Ulta Beauty, and more.
It is also a short drive north of the Southwest Valley Industrial Corridor and less than five miles south of the Glendale Sports and Entertainment District.
Thrift senior vice-president and director of Southwest region Chris Hake added: “Our long-standing history developing commercial centres in Arizona was instrumental in securing the approvals and commitments necessary to move this project forward.”