BILL CLARKSON, CCIM Commercial & Investment Specialist

Business park, apartments proposed near surf park site in city south of Phoenix

Business park, apartments proposed near surf park site in city south of Phoenix

  • By: BILL CLARKSON, CCIM
  • Posted: September 23, 2022

 
Article Originally Posted by PhoenixBusinessJournal on September 22, 2022
 

A new business park and apartment complex are a few of several large projects that are being proposed for sites adjacent to a planned surf and water park south of Phoenix in Pinal County.

Estrella Gin Business Park is in the works for an overall 30-acre site on the corner of Loma Road just south of Smith Enke Road in the northwest part of the city of Maricopa. It will be developed just east of PHX Surf, a 71-acre park with lagoons, retail space, a hotel and entertainment venue.

Just south of the business park, the same group is also developing the Villas at the Gin, a 195-unit garden-style apartment complex, which could cost about $35 million to build and be valued at $50 to $60 million. The developer, Estrella Gin Business Park LLC, expects to start construction on the apartments in early 2023.

Office, retail and more planned

The business park currently has a 6,000-square-foot office building that was completed and sold for $3 million this year, real estate database Vizzda shows. The Maricopa Economic Development Alliance and city of Maricopa currently lease the space, according to the development group. An RV storage facility is proposed for the northeast corner of the park.

Shane Cook, the leasing broker for the site and realtor with eXp Realty, said they're also building a 47,200-square-foot flexible office building on the site. The facility can accommodate a 3,000 to 30,000-square-foot user or more and is expected to break ground by the end of the year. Cook said the new office facility could be valued at $7 to $8 million.

The site can accommodate up to 300,000 square feet of commercial space, but Cook said the development team, which he is part of, has not finalized what will be built on the property. Marketing materials for the project show it could fit seven additional office buildings.

"There's 14 acres that are left to build on in that space," Cook said. "There's a lot of flexibility in the 10 acres in the middle. Because of the surf park, it's leaning more retail oriented than it was before the surf park."