Western Real Estate Business

OCT 2016

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

Issue link: https://westernrealestatebusiness.epubxp.com/i/732258

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Page 10 of 50

8 • October 2016 • Western Real Estate Business www.REBusinessOnline.com THE EMERGENCE OF THE NEW METROPOLIS IN ARIZONA Millennials, enhanced dining experiences and unique retail offerings are creating a new metropolis concept that's emerging in Arizona. By Rommie Mojahed and Mary Nollenberger T he rise of empirical retail devel- opment continues to emerge in the Arizona region. A distant memory of land-filled dirt, deserted streets and minimal economy will now just be another page in the Ari- zona history books. It will illustrate how developers, property owners and commercial real estate brokers met the demands for demographically driven consumers to create a new metropolis for urban city life. Although e-com- merce has gained significant momen- tum in recent years, industry profes- sionals have used their expertise in the market to build desirable lifestyle and trendy entertainment retail cen- ters across the valley. The restaurant and retail industries are undergoing unremitting evolu- tions as we continue to observe the innovative and unique culinary en- terprises opening in the valley. In fact, Gogobot recently listed Phoenix in the Top 10 "Rising Star" Foodie Destinations. This was thanks to the likes of Chris Bianco's Pizzeria Bi- anco, Taco Guild's unique location in an old church and Sam Fox's True Food Kitchen, which features clean and healthy options. Additional out- of-state restaurant concepts are also making their way to Arizona for ex- pansion because lease rates are steady and timing is imminent. The bottom line is e-commerce will fall short to the dining and entertain- ment experiences consumers tend to physically enjoy. As a result, the eco- nomic and cultural centers for retail development have been profoundly influenced by the "experience." An- other accolade features the locally owned and nationally recognized, Blue 32 Sports Grill, which CNN list- ed as one of the Top 101 best sports bar in the U.S. SVN's retail team just secured the bar's fourth location, a 4,800-square-foot space at Chandler Crossings, a new lifestyle and enter- tainment center. Meeting the Economic Demands for Commercial Development The biggest challenge retail devel- opers and property owners face is how to determine the appropriate ten- ant mix attractive to that community. Building design and spatial require- ments that create an effervescent venue that appeals to Mil- lennial shoppers must also be consid- ered. The SVN team has worked with James Smith, economic development pro- gram manager for the City of Chandler for more than eight years. The City of Chandler has set aside space for a bal- anced quality of life, including land for employment, qual- ity residential devel- opment, open space for parks and recre- ation, a good mix of retail, as well as entertainment and restaurant options. Blue 32 Sports Grill at Chandler Crossings will be the restaurant's fourth location to open in Arizona. Mojahed Nollenberger ERIE COLORADO your customers are already here Not only are your customers already here, their median household incomes are over $109,000. Even better, the average household expenditure in the Erie Trade Area is over $70,000. And best of all, Erie's robust new home construction means your customer base continues to grow! "Growing customer base, strong household incomes and increased daytime traffic counts all make conditions perfect for retailers seeking a location in our family- oriented North Metro Denver community," said Town of Erie Economic Development Coordinator Paula Mehle. And here's plenty of evidence to support her claim: • Burger King is the first national Quick Service Restaurant to locate in the center of Town. And since opening their doors this spring, the BK staff have had their hands full keeping up with demand. • The 125,000 sq. ft. "King Soopers at Vista Ridge Marketplace" in southeast Erie is set to open in November this year. In addition to the Marketplace, there will be 7,100 sq. ft. of immediately adjacent retail stores; three stand-alone retail pad sites (each over 1 acre in size) and a fuel station. An additional 17 acres of pad sites are available for lease or purchase directly west. • In March of this year, the Town approved a development agreement with Evergreen Devco, Inc. for "Nine Mile Corner." The Nine Mile Corner retail center is situated on approximately 45 acres along a major highway on Erie's west side. David, Hicks & Lampert is the brokerage firm representing Nine Mile Corner. • The 45 acre "Four Corners" mixed-use development located in the geographic center of town includes 14.5 acres of Community Commercial to accommodate the type of neighborhood retail customers have been craving for years. Developer - Justin McClure of RMCS, LLC. According to Mehle, opportunity is what's causing retailers to keep a close eye on Erie. "We make a compelling case that Erie has a lot to offer – and the market is reacting positively," she said. CONTACT US! pmehle@erieco.gov or 303.926.2769 www.erieco.gov/economic_development

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