Agua Fria Promenade LLC, headed by Phoenix-based developer and architect Irwin G. Pasternack, paid for $1.6 million for the tract at the southeast corner of 91st and Northernavenues. The Aqua Fria Promenade will border Glendale and Peoria, two growing suburbs. "It's an area that's a major growth area," Pasternack tells GlobeSt.com. "It's close to the freeway. It's close to other retail. It's a very active, very dynamic area." Glendale Media II is the seller of the acreage, less than a mile east of the Agua Fria Freeway section of Loop 101. Bob Garland of the Phoenix office of Grubb & Ellis Co. negotiated the land sale.
Agua Fria Promenade and will be anchored by a grocery store and at least one big box retailer, Pasternack says. Lease deals are in the works.
The April 2002 construction start, says Pasternack, hinges on entitlement and zoning changes coming through in a timely fashion from Maricopa County. The hope is to open the first shops by Christmas 2002.
The West Valley's population growth has jumpstarted a number of retail developments in the area, including a seven-acre Target-anchored center to the northwest of the Agua Fria Promenade site. A mile south is the Phoenix Coyotes' under-construction arena that will include hundreds of thousands of sf of retail and office space.
The economic doldrums enveloping the country gave Pasternack pause. But, he says as long as demand from retail tenants remains firm that Agua Fria Promenade will move forward and will be built in one phase. His firm, Irwin G. Pasternack and Associates, is the designer and Brad Cleaves of DeRito Partners' Phoenix office, the listing agent. A general contractor has yet to be named.
Pasternack has been active in the development of retail projects, primarily as the designer, around the Valley for several years. His other development is located at the northeast corner of 16th Street and Glendale Avenue.
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