Residential, retail project proposed in growing north Phoenix area

Residential, retail project proposed in growing north Phoenix area

Article Originally Posted By PhoenixBusinessJournal On April 20, 2022

Indianapolis-based Thompson Thrift, a full-service real estate company, is looking to build a large mixed-use project near the planned Taiwan Semiconductor Manufacturing Co. plant.

Plans call for 35,000 square feet of retail space and luxury apartments on the southwest corner of Dove Valley Road and the 29th Avenue intersection just east of Interstate 17 and the TSMC factory. The project is expected to be completed in the next two years.

Thompson Thrift declined to provide the value of the project. It purchased the overall 30-acre property for $9 million in April from Hardy Properties LLC, Baziotes Properties LLC and Kramer PSP Properties LLC, according to real estate database Vizzda.

The commercial portion of the project will be comprised of retail space with free-standing and multitenant buildings. So far, Oregano's Pizza Bistro and Twisted Sugar, a gourmet cookie shop, have committed to the development, while Thompson Thrift is working to secure other tenants.

Part of the 30-acre parcel will also remain undeveloped since it's part of the Skunk Creek Wash natural preserve, which the company said will feature pedestrian amenities and running paths from Dove Valley Road south to Sonoran Desert Parkway.

Thompson Thrift said the development's design will bring a "seamless" pedestrian connection to the preserve's trail, as well as complementary community amenities like volleyball courts, green space for yard games and ramadas.

"TSMC is changing the employment landscape in north Phoenix with their new chip fabrication plant. Thousands of new jobs will be created by TSMC and thousands more are expected in the coming years with companies wanting to work alongside TSMC," said Ashlee Boyd, managing partner for Thompson Thrift Commercial, in a statement. "Thompson Thrift has a significant history developing mixed-use projects that are integral to growing communities and we are excited to bring an integrated mixed-use project to this very dynamic part of north Phoenix."