The year 2015 is a turning point for Phoenix's East Valley, which is experiencing robust growth.
The year 2015 is a coming-of-age turning point for Arizona’s Phoenix (PHX) East Valley. Local government and private sector initiatives have transformed the area from a Fortune 500 business relocation magnet to a region that can grow its own industry game changers. A skilled workforce, innovation, companies, and robust infrastructure are driving emerging businesses and helping to revive recovering sectors.
The PHX East Valley region is leading the state’s development with mixed-use projects like downtown Tempe, Ariz.’s Marina Heights and Gilbert’s Rivulon, where professionals have easy access to a plethora of pedestrian-friendly downtowns, trendy hotels, award-winning eateries, entertainment and outdoor recreation. In 2013, Tempe, a vibrant and transforming city, began taking skylines to new heights. Development partners Sunbelt Holdings and Ryan Companies joined Arizona State University, State Farm and the City of Tempe to announce the largest commercial development in Arizona State history at Tempe Town Lake. The $600 million Marina Heights project is comprised of five new Class A buildings ranging from five to 16 stories, up to 2 million square feet including 60,000 square feet of retail space and a new public plaza facing Tempe Town Lake.
This master planned lakeside development is attracting interest in growth along its shores, including a third tower at Hayden Ferry Lakeside, new residential projects and the future Marina Heights/State Farm complex. Tempe’s low cost of living, high quality of life and world-class recreation opportunities make the city a place where people can prosper financially, physically and culturally.
In addition to Tempe’s urban lifestyle, feel and look, the city has implemented public transportation systems including light rail, which takes commuters and residents across the city. Bike paths and pedestrian friendly are also strategically placed to enhance convenient connectivity to retail, restaurant and work establishments.
Millennials and empty nesters alike are flocking to urban centers where they can access play and work within minutes. Multifamily homebuilders are filling the need for luxury housing options complete with on-site amenities. In addition to State Farm expecting as many as 10,000 employees to work at the regional hub, the various college and university programs demand housing options.
Although single-family homes are ideal for first-time home buyers, cities can benefit from developing up rather than out. Multifamily complexes use less acreage then single family homes and residents of multifamily buildings can utilize the urban lifestyle amenities and public transportation.
Another mixed-used development within Tempe is the 136- acre, Discovery Business Campus, a cluster of five environmentally conscious buildings with open and creative spaces and on-site amenities. Within the campus is 832,482 square feet of rentable build-to-suit space. Recently, approximately $2 million was spent in landscaping and site improvements to the outside environment.
New business parks and multifamily housing options are following the trend to offer dining and retail selections to residents and professionals on-site. Discovery Business Campus will serve the growing workforce and visiting entrepreneurs and researchers with hotels, retail and restaurants planned for the space.
A short drive east of Tempe on US-60 is Gilbert, a town which was once known as the "Hay Capital of the World.” Today, Gilbert is recognized as a high-tech hub for talent, innovation and business growth. Master developers are transforming miles of agricultural land into mixed-use development for families and young professionals. In addition to being home to the finest business and residential developments, Gilbert is ranked as one of the fastest and safest growing communities in the United States.
In November 2014, the town celebrated the ground breaking of Rivulon, a $750 million development. Within the 250-acre mixeduse development, there will be approximately 3 million square-feet of Class A office space and 500,000 square feet of retail and hotels. Rivulon, owned and developed by Nationwide Realty Investors, will be designed with a holistic site plan, ensuring a cohesive flow, compatibility of uses and sensitivity to the sustainability of resources.
The project is in a centralized location of Gilbert on the corner of a main arterial and one of the state’s convenient loop interstate routes. The Gilbert Loop 202 Corridor is becoming a hub for companies in technology, biomedical, healthcare and aerospace. Rivulon will be home to 6,500 jobs and double the town’s office space.
PHX EAST VALLEY is a national branding initiative led by the East Valley Partnership, a coalition of civic, business, educational and political leaders created in 1982, to systematically publicize the outstanding business and quality of life assets in the East Valley region of Greater Phoenix. Ongoing campaign efforts include coordinated events, corporate collaborations and the promotion of emerging economic clusters unique to the community. For more information, visit www.evp-az.org.