"It's been phenomenal," Frank Egan, president of Eastborne Investments, the project's developer, tells GlobeSt.com of the leasing activity at the 99th Avenue and McDowell Road power center. "It's really taken off." The plaza stands at 75% leased, but the balance of the storefront space is expected to be leased up within the next four months.
Two businesses, a 155,000-sf Costco and a 16-screen, 90,000-sf Harkins Theater, have already opened their doors even though the plaza's construction won't be completed until the end of this year, Egan said. Kitchell Builders of Phoenix began developing the site in January 2002 in a joint venture with Eastborne Investments of Williamsville, NY.
Among those who have signed on as tenants are a doughnut shop, ice cream maker Cold Stone Creamery, Voicestream, a wireless firm, and New York-style restaurant. Other tenants will include Quizno's Subs, Baja Fresh and Great Clips, a hairdressing salon.
Egan said the plaza, one of the few major shopping outlets in Avondale, is strategically located at the juncture of Interstate 10 and the Loop 101 freeways which provide it with high visibility and good traffic flow, guaranteeing its success.
Leasing agents Greg Laing and Dan Gardiner, both with Phoenix Commercial Advisors, are handling the plaza's leasing. Rates are running between $25 per sf and $26 per sf, he said.
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