PhoenixMart

[Classical in Phoenix]

Don't rain on sh9730's parade. He has worked so hard on this.

[sh9730]

First "national" type press I ve seen on this - Forbes.com Granted it is written by a contributor, but its not like its PRWEB or anything where there is no filter.

http://www.forbes.com/sites/larrymyl...rn-hemisphere/

No real new information - but it will be interesting to read the "comments" section on this article.

[dtnphx]

PhoenixMart: 780 concrete footings for 1.5 million-square-foot city of the future

https://realestatedaily-news.com/pho...71ab-170858405

[sh9730]

So - they tried to bring some "leaders" out to see that there is work going on with this project and bring an update so as to quash some of the negativity out there - but there is still LOTS of back and forth on the Casa Grande FB Chat Facebook Page.

But, they say going vertical in October if the city gives them a permit:

http://www.trivalleycentral.com/casa...99acc15f5.html

BTW - I thought this group was tough - that CG Chat group can be BRUTAL!

[sh9730]

BY FAR the most comprehensive article (which isnt saying a lot) on this project from a reputable news source. Information about the current state of financing etc as well as some comments from leaseholders.

Several local articles recently still say vertical in October and opening within the year.

http://www.bloomberg.com/news/articl...aar-in-arizona

[sh9730]

Monthly Update:

http://www.trivalleycentral.com/casa...10b06287c.html

My only comment at this point is the CITY (Planning Director) at least is now making comments to confirm where things stand and things ARE moving.

[Red Robot]

I have always been baffled by viability of this project, but now it's starting to make sense.

FBI raids PhoenixMart HQ in Kierland with securities fraud investigation

[muertecaza]

Originally Posted by Red Robot

I have always been baffled by viability of this project, but now it's starting to make sense.

FBI raids PhoenixMart HQ in Kierland with securities fraud investigation

LOL, wow. Anything funded by EB-5 investors gives me pause. Will be interesting to see how this shakes out.

[Obadno]

Originally Posted by muertecaza

LOL, wow. Anything funded by EB-5 investors gives me pause. Will be interesting to see how this shakes out.

First the south shore project now this are the Chinese known for unscrupulous business practices?

[muertecaza]

This article has a little more info, including quotes from Phoenixmart PR and Casa Grande. It makes it sounds like it's not Phoenixmart, but "one of its former investors" that the FBI is looking into. Not sure why the FBI would need to storm the office at 7 AM if that is the case, but there you have it.

[sh9730]

If I saw the commercial correctly while on the treadmill at the gym - Channel 5 will be doing an "investigates" report on this project tonight at 10PM.

If they actually did "investigate" then it will be interesting to see what they found out about where this project stands.

[sh9730]

So - as is the norm, this project has more twists and turns than a river! After my last post that channel 5 investigation really seemed to show that this project was history.

BUT:

http://www.trivalleycentral.com/casa...8da1476ba.html

At the CG state of the city the Mayor spent considerable time on the status - says the city will be giving final approval THIS WEEK - and that construction could start soon.
This was the Mayor's final State of the City address (he is stepping down) and I can't think he would want his legacy of this project to be anything he is not pretty sure about.

There were Phoenixmart principals in the audience and the legal representative gave a few comments in the article.

Rumors on the local Facebook page say they have secured more traditional investing to complete the project - but no details so far.

Hmmmm

[Obadno]

http://www.bizjournals.com/phoenix/n...furniture.html

From the largest wholesaling operation in the western Hemisphere to a furniture outlet mall...

At least it isn't a total loss.

[RichTempe]

Originally Posted by Obadno

http://www.bizjournals.com/phoenix/n...furniture.html

From the largest wholesaling operation in the western Hemisphere to a furniture outlet mall...

At least it isn't a total loss.

While I believe that PhoenixMart is never going to happen beyond the site prep work that's already been done, this article is referring to redeveloping an already existing building(s) that used to house the Tanger Factory Outlet Center at a completely different location. It just happens to be the same company, AZSourcing, that's trying to do both. Realistically, I doubt either one comes to fruition as PhoenixMart is 3 years behind schedule and the former Outlet Mall has been owned by AZSourcing since 2011. PhoenixMart does have a welcome center at the old mall, so there's that I guess.

[sh9730]

I haven't been here in a bit - but Rich is correct - two different projects. As for the Phoenixmart project - believe it or not - work started on the site again a few days per local Facebook posts - I have yet to drive out there and confirm myself.

I HAVE however spoken with pretty good sources at the City who say that although there are still financing challenges - mainly to make sure the city's impact fees are covered - they believe they will get worked out and things will still move forward.

As for the Outlet Mall - we ll see - it has as good a shot as anything else at that spot. SOMEDAY the location of the outlet mall is going to be prime gateway property - and AZ Sourcing does have plans before the city to develop beyond the mall itself (hotel, office, multi-family uses). But those are also moving very slowly through the city processes.

I do need to drive out and see what work is going on at the PM site though.

[azliam]

In a letter to the editor of Casa Grande Dispatch, AZ Sourcing says two of its Pinal County projects are moving forward.

“We are pleased to report that we have the funding necessary to move forward on both the development of PhoenixMart and the redevelopment of the former Tanger Outlet Center, wrote Marshall Stahl, AZ Sourcing Chief Operating Officer...

http://azbex.com/phoenixmart-outlet-...to-move-ahead/

[sh9730]

Azliam,

Yes - and if you look at their website you can see they have made more of an effort recently to focus on the construction going on - right on the home page they link to videos of the foundation work as recently as last week.

My contacts at the City say they are in fact trying to continue to move forward - but at this point nobody says anything for fear they get caught in another promise undelivered.

BUT, with all of that said - they just might pull this out!

[sh9730]

This out today - not too much new but a Pinal County Supervisor implies she has had discussions with them and believes the project will move forward - I will admit - even though I still hope it someday comes to fruition - it is quite the soap opera!


http://roselawgroupreporter.com/2016...going-private/

[sh9730]

So - right about on schedule (seems like about every 30 days we get some new update) - there is new news on this project.

Actually TWO items - one of them actually is pretty significant.

1. Phoenixmart has contracted work to start this week on all of the underground electrical and plumbing - details on their website (www.phoenixmart.com).

2. BUT, the bigger news is while at our Casa Grande City Council meeting last night I got word from officials that PM was ISSUED THEIR BUILDING PERMIT from the city yesterday - included a payment of 250K in initial fees.

SO it would appear that this project continues to inch forward. My understanding is that this underground work will take about 4 months to complete - then the slab has to be poured. So it will still be the first of year at the earliest before any vertical work begins - and that is if there isn't delay from some other direction!

But - I still hope at some point it gets completed and filled. I think it will help CG - and if the Atessa complex materializes on the opposite end of town - things will be hopping here.

[sh9730]

Latest - although I am not sure anyone here is paying attention to this at this point - but I have come this far in posting - I might as well continue!!! LOL

From PM itself on their website - pictures showing the underground electrical work being done at the site. Independently I can confirm Canyon State Electric is actively recruiting for workers on the project on Craigslist and elsewhere.

Also from PM website they have entered into an agreement with Triad Steel of Phoenix to procure and install 7000 tons of steel (I guess that is a lot?!).

At the Casa Grande Planning Commission meeting tonight the Planning Director gave an update from the City perspective and information. He confirmed the issuance of the permit mentioned above, and also said that his inspectors are reporting that actual slab construction is expected to start in 30 days or so!! That is a pretty big development.

He also said PM has come to them asking for some plat redesignation to allow for at least some of the "booths" or "suites" inside the center to be considered condominiums, which would allow for sale or lease at their discretion.

We ll see in a month if they actually start the slab work - that will be a job in and of itself since the foundation will be 35 acres!!