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Retail JV Marks First Play With $45M Plan

PHOENIX-SmithCypress Partners, closing on 24 acres, plans to break ground before the year ends on the 240,000-sf South Mountain Crossing.

By Amy Wolff Sorter | Updated on November 07, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

PHOENIX-SmithCypress Partners has acquired 24 acres from a local private seller in its first area land play. The southwestern parcel will be developed into South Mountain Crossing, a $45-million, 240,000-sf retail development.

Construction is slated to begin at Southern and 35th avenues in December, with completion anticipated for late 2007. An 81,200-sf lease for an as-yet unidentified anchor is in hand and additional space has been preleased for a branch of US Bancorp, Wendy’s restaurant and Verizon Wireless store.

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