5 Major Pinal County Development ProjectsOctober 24, 2018 / Blog / 0 Comments
We keep our eyes open for any news related to the large projects of the southeast valley. As land investors, we have a big interest in how, and whether or not, they proceed. The growth of the valley will march on regardless of whether these particular projects materialize, but large projects have the potential to quickly and radically alter the economics of a region, bringing hundreds, maybe thousands of jobs, and infusing an area with development
The question is whether or not they’ll come to pass. Undoubtedly, some will not. But we’re hopeful that at least some of these are on solid footing and will contribute significantly to the growth in Pinal County.
Nikola Motor Company and Lucid Motors
I wrote recently regarding the Nikola and Lucid projects, two Pinal county projects that look to have a substantial impact on land values. And though we’ve long ago learned not to count on any project until its operating, these two seem to be on the secure footing. We’ll keep our fingers crossed.
The other three large projects we follow haven’t offered much news in some time. It’s reasonable to assume that they are all struggling with some issue (temporarily?) blocking their progress. Given the complexity they would naturally entail, I guess that should be expected. I learned long ago to never blindly embrace the enthusiasm of big-project development news. But the recent silence in the press tempers the strong enthusiasm that the initial announcements generated. I’m not ready to give up on any of them, but the lack of updates is disconcerting.
If only one of these three projects sees the light of day, it will be a big win for Pinal. Of course, it’s possible that none or that all three will come to fruition.
Dreamport, Atessa, Phoenixmart?
This is the large amusement park development that has been in the works for several years. It’s slated to go just South of the I-10, I-8 Junction. We’ve had a couple inside sources on this project give us some information that we couldn’t find through the newspapers, including a key executive in the company and one of the landowners (a commercial real estate agent himself) who sold his land to the project. In conversations within the past year, each of these sources was adamant that the project was moving forward. Like you, we’ll take that with some skepticism. I remain hopeful that this one can become a reality (we own a very large parcel next door), but I’m not banking on it.
At one time, I would have listed the Attesa Motorsports project as the one I had the most confidence in. But I’ve heard nothing on its progress since the summer of 2017. The fact that they’ve actually purchased the land already and not just optioned it gives the project more credibility (off the I-8, just West of the Casa Grande area). Typically, developments of this sort will option the land they want, or simply tie it up in a multi-year escrow. An actual purchase is always a significant sign of commitment. However, the dearth of more recent press has us all wondering. I give this one better than even odds of materializing.
This project has had dramatic rises and falls (and additional rises)! Building permits were issued in June of 2016 and construction quickly began East of Casa Grande. Typically, when a project this big breaks ground and starts spending construction dollars we would all consider it a sure thing. However, Phoenixmart has seen turmoil in the press with long periods of silence and no activity. It was under an FBI investigation, but then was able to issue a press release that they were no longer under investigation. They’ve poured a lot of concrete already. But the fits and starts has everyone scratching their heads. I have the most skepticism about this project, even though they’ve done the most actual building. A little bit of information via a press release would go a long way.
How dependent are my Pinal land investments on each or all of these projects?
They’re not. Our land holdings are appreciating because the reliable, steady growth in Maricopa County is pushing all the typical housing and business development outward. That bread and butter growth is what we are counting on.
Big projects like these will always command our attention, as they can quickly accelerate that growth and radically raise surrounding land values. I’m investing with an expectation of steady growth radiating out from the city centers in Maricopa and pushing into Pinal. Nevertheless, I’ll certainly celebrate the added victory of any big project that lands in the area.
Invest with Arizona Land Partners.
We’d love to have you share in the rising values we are experiencing in our projects throughout Pinal County. Review this website to learn more about who we are and what we are doing. Then give me a call, or send me an email. I’d love to talk to you about what we are currently pursuing