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Creation to develop $250M Park Algodon, an industrial and mixed-use project in Phoenix
In a recent groundbreaking move, Creation, a renowned Phoenix-based developer, and its joint venture partner Clarion Partners acquired nearly 100 acres in west Phoenix with plans to develop a $250 million industrial and mixed-use project known as Park Algodon. What sets this development apart is its transformative potential and the promise of addressing crucial gaps in the West Phoenix industrial market.
The land purchase was completed at the northwest corner of the Loop 101 and Indian School Road from John F. Long family. Creation’s acquisition of this prominent site came with a price tag of $31.3 million.
Park Algodon, the jewel in Creation’s crown, is a massive undertaking that envisions a 1.3 million-square-foot industrial park. This visionary project also incorporates a 14,000-square-foot space dedicated to restaurant and retail ventures, along with four restaurant pads spanning approximately seven acres. It promises to be a multifaceted and dynamic addition to the West Phoenix scene, offering both industrial and commercial opportunities for the local economy.
Grant Kingdon, principal of Creation’s Mountain West Region, expressed his enthusiasm about this groundbreaking collaboration with Clarion Partners, one of the world’s largest real estate investment companies. He pointed out how Park Algodon is not just a real estate endeavor but also a catalyst for attracting new employers to the region. This project holds the promise of generating significant employment opportunities for an underserved area of the Valley, which is essential for local economic growth.
The Park Algodon in west Phoenix development phases
The development is divided into two phases. The first phase, set to commence by the end of the year, is composed of four buildings, encompassing a total of 670,000 square feet. Following this, the second phase will feature a single 556,000-square-foot building, with an expected completion date in late 2025. LGE Design Build, known for its expertise in construction, is spearheading this massive project, adding further credibility to Park Algodon’s prospects.
Beyond the industrial aspect, Creation is embarking on a separate venture known as The Shops at Park Algodon. Spanning seven adjacent acres, this project will see the development of over 14,000 square feet of restaurant and retail space, in addition to four pads dedicated to restaurant development. The architecture and design of The Shops are poised to align with Creation’s other successful developments in Phoenix and Tempe, specifically The Colony and The Collective. This project promises to be a haven for a diverse assortment of top-notch restaurants and retailers, making it a vibrant addition to the local community.
To handle the crucial task of leasing this Park Algodon venture, Creation has brought on board the expertise of Matt Milinovich and James DeCremer from Avison Young. Their industry knowledge and connections are sure to contribute to the project’s overall success.
Alex Bez, principal at Creation, emphasized the project’s commitment to thoughtfully designed development. Their goal is not only to complement the area’s rapid employment and residential growth but also to provide modern, high-visibility spaces for tenants that will lead to long-term success. This dual focus on aesthetics and functionality underscores Creation’s commitment to creating enduring value in the West Phoenix community.
Creation and Clarion Partners’ acquisition of nearly 100 acres in west Phoenix is a transformative step that promises to reshape the local real estate and economic landscape. The development of Park Algodon and The Shops at Park Algodon is set to offer a dynamic mix of industrial, commercial, and retail opportunities, all while complementing the region’s growth and providing much-needed employment and services. This visionary Park Algodon in west Phoenix project sets a new standard for development in the area and is poised to be a significant milestone in the Phoenix real estate scene. |
