Greater Phoenix Metro: Major Developments Driving Growth and Real Estate Opportunities in 2024

Phoenix Metro on the Rise: Key Developments Shaping the Future

The Greater Phoenix Metro is a hotbed of growth, with new retail hubs, entertainment spaces, and thriving residential areas continually emerging. Whether you're a local, investor, or just curious about the changes, staying informed is key. In this week’s roundup, we explore the most significant projects driving the region forward. Discover the latest updates and learn how these developments could shape your future decisions!

Major Homebuilders Fuel West Valley Expansion with New Massive Master-Planned Communities

The West Valley is seeing a surge in real estate development, with several major builders expanding their footprints. Scottsdale-based Shea Homes recently purchased the last 120 acres of the historic Rovey Farms in Glendale, paying $15.57 million for the land. This acquisition expands Shea Homes' Legacy Place master-planned community to 280 acres, where 920 homes will be built. Pre-sales for the first community within Legacy Place are expected to begin in 2025. Shea Homes is also continuing to develop in the West Valley with projects in Peoria, including the Northpointe at Vistancia community, which will eventually include 415 homes. 

Other builders are also focusing on the West Valley as land becomes scarcer in the East Valley. PulteGroup is preparing to develop a 6,355-acre master-planned community called NorthPark near the Taiwan Semiconductor Manufacturing Co. plant in north Phoenix. 

Update in Buckeye, Howard Hughes Holdings is prepping the land for the massive 37,000-acre Teravalis community, selling lots to multiple builders for more than 8,000 homes. The increasing focus on the West Valley underscores its growing importance as a core area for residential expansion in Phoenix.

Chandler’s District Downtown Development: New Plans for Hotels, Retail, and Mixed-Use Space in Key City Expansion

The District Downtown, a key development for downtown Chandler, is moving through the city's approval process. Initially approved in 2022, an updated version of the project was recently approved by Chandler’s Planning & Zoning Commission.

The project spans nearly 45 acres at the corner of Pecos Road and Arizona Avenue, just north of Loop 202. Featuring 360,000 square feet of office space across four buildings, a five-story hotel with 180 rooms, 795 apartments, and nearly 45,000 square feet of retail space, plus an additional 34,000 square feet for restaurants. The new plans reduce office space to 72,000 square feet in two buildings and commercial space to 45,115 square feet across eight buildings. Additionally, the updated proposal includes two hotels with a total of 196 rooms.

The project will be built in phases, starting with infrastructure improvements along Pecos Road and Arizona Avenue. The second phase will involve part of the commercial plans, one hotel, and the multifamily component, while office buildings and auto dealerships will be developed based on market demand.

VAI Resort Glendale: Unveiling Arizona's Largest Luxury Destination with New Theater and Conference Center

The VAI Resort in Glendale, Arizona, which is under construction, is undergoing several significant changes, including plans for an indoor theater and a conference center. Slated to begin opening in late 2025, this resort is set to become Arizona's largest, featuring four hotel towers, the Mattel Adventure Park, a public beach, and a $50 million amphitheater.

The developers of the $1 billion project, VAI Resorts LLC, are expanding its offerings as the city of Glendale updates its development agreement to reflect these new amenities. The additions include a 180,000-square-foot theater venue with 2,000 seats and a new 200,000-square-foot convention center. These facilities will be available for civic and recreation events, with bookings expected in 2026. Glendale has agreed to waive up to $1 million in fees for the construction of each of these new facilities and up to $4 million in additional fees, provided the developer meets specific obligations.

One of the major changes in the project is the removal of a 25-year property tax abatement that was initially valued at $107 million. This change follows a lawsuit filed by a local advocacy group, challenging the incentives. Glendale no longer plans to offer these tax abatements for the project, although it expects to gain $32 million in annual tax revenue once the resort is operational. In addition to the resort features, including 1,100 hotel rooms, the Mattel Adventure Park, a large amphitheater, and luxury dining and shopping, there are plans to vote on a $20 minimum wage initiative for hotel and event workers in Glendale in November, which could affect projects like the VAI Resort.

Seafood City Supermarket to Open in Chandler Fashion Center

Arizona will welcome its first Seafood City Supermarket in 2025, opening at Chandler Fashion Center in the former Sears space. The grocery chain, known for its Filipino specialties and diverse Asian products, will occupy over 65,000 square feet on the mall's upper level. This new location is part of a trend toward unique tenants filling traditional mall spaces, with Round1 Bowling & Arcade leasing the lower level of the former Sears building.

Founded in 1989, Seafood City has locations across the U.S. and Canada, and this Chandler store will feature not only a wide selection of Asian groceries but also multiple restaurants and a community room for events. The store's arrival is expected to boost foot traffic at Chandler Fashion Center, which has already seen a 20% increase in visitors due to the opening of a Scheels sporting goods store in 2023.

The growth of Asian grocery stores in the Phoenix metro area continues as the region's Asian population expands, especially in the East Valley. Other chains, such as H Mart and 99 Ranch, have also opened locations in the area. With the rise of the semiconductor industry and the influx of Taiwanese workers, there has been a concerted effort to attract more Asian businesses to the Phoenix area.

Stay in the Loop

The Greater Phoenix Metro is undergoing rapid transformation, with groundbreaking developments across entertainment, business, and residential sectors. As the region continues to grow and innovate, the possibilities for new opportunities are endless. Make sure to check our 'News, Updates, and Coming Soon' page frequently to stay informed about the latest trends and projects shaping your community.

Wondering how these exciting changes can impact your real estate strategy? Let’s connect and explore how you can take advantage of the growth in the Greater Phoenix Metro. Schedule a consultation today to discuss aligning your real estate goals with the dynamic opportunities in this thriving market.