An Indianapolis-based developer is proposing building a mixed-use development that could include a hotel, restaurants and more on 24 acres near Peoria.
Called Loop 101 & Northern Ave, the project will sit on the southeast corner of 99th and Northern avenues just north of Westgate Entertainment District next to Loop 101 near Desert Diamond Casino.
Indianapolis-based Thompson Thrift Retail Group, which also has offices in Phoenix and Houston, is seeking to have the 24 acres rezoned to allow for the proposed project. The site also is in the process of being annexed into the city. The property is currently owned by Old Scottsville LLC, but the developer plans to close on the site in November.
The project could include a 4-story hotel, restaurants, a convenience store, a storage facility and a car wash, according to marketing materials. The buildings will range in size from 1,887 square feet to 102,275 square feet.
The city of Glendale Planning Commission is set to hold a public hearing on the proposed development and other industrial and commercial projects on Thursday.
Chris Hake, senior vice president and director of Thompson Thrift’s southwest region, said that in today’s climate, “the days of large retail-only centers are a little few and far between.”
“For these larger sites, you have to come up with a mixed-use plan that now has residential, has commercial,” Hake told the Phoenix Business Journal.
So far, Black Rock Coffee Bar, Whataburger and Cobblestone car wash have signed leases for the retail portion of the site, according to Hake.
Hake said they are also negotiating with another fast-casual restaurant and are under contract with a convenience store but declined to share the name of the potential tenants.
On the southern portion of the site, a multifamily project will include 234 units between three buildings with covered parking, detached garages and surface parking. The multifamily component could also include a luxury pool area with sundecks, grilling stations, a fire pit and lounge area, according to documents submitted to the city.
At full buildout, the project is estimated to cost about $85 million, according to Hake. The expected completion date is the end of 2023.
The proposed project sits directly across from Park West, a shopping center with well-known retail like Harkins Theatres, BJ’s Restaurant & Brewhouse and apparel stores in Peoria. It’s also close to Peoria Crossing, another shopping center comprised of popular chain stores and restaurants.
The architect for the project is SPS+ Architects LLP, and the civil engineer and landscape architect is Rick Engineering Co., according to documents submitted to the city.
Thompson Thrift Retail Group recently sold a Peoria shopping center anchored by supermarket chain Aldi for $18.25 million. The center is Sunrise Promenade at 24775 North Lake Pleasant Pkwy. in Peoria.