Another Day, Another Square Footage in the Desert
Well, here we go again. Formation Interests and Crescent Real Estate have broken ground on yet another project in that fast-growing patch of sand called Goodyear, Arizona. This Phase II expansion at their Formation Park 10 is tacking on 261,168 square feet of industrial space. That's three more buildings to add to the 689,000 square feet already sprawling across their 44-acre investment.
Space for Big and Small Players
Now, here’s the kicker—they’re catering to everyone, from the big shots looking for over 100,000 square feet down to the little guys needing just 15,000. If you're looking to plop your business on some prime real estate, they're right off I-10, with great accessibility. Mike Gilbert from FORMATION was giddy about it, claiming this phase would serve a 'large swath of business sizes.' Well, let's hope there's some truth to the sales pitch.
Smart Design Meets Market Demand
"We are excited to break ground on this next Phase of Formation Park 10." – Mike Gilbert, FORMATION
That's some enthusiasm, and it's not entirely without merit. They've got a design that supposedly see-saws nicely between utility and aesthetic thanks to the brains over at Deutsch Architecture Group, Kimley Horn, and RVI. Whether it actually delivers on providing flexible business spaces that meet market demands remains to be seen.
Milestones and Expectations
This build is expected to wrap up in the spring of 2027, and the team over at Willmeng is pulling the labor strings as the general contractor. In the meantime, CBRE is peddling the leasing options.
The project isn’t just about numbers, though. It's about making a statement—the kind that screams 'look at us' in a booming Maricopa County. Phase II is decked out with a so-called 'first-of-its-kind amenity park,' which they hope will gel with the existing Phase I spaces, making a comprehensive business and industrial haven.
- First of its kind in West Phoenix to serve large leaseholders and SMEs alike.
- Spring 2027 is when they aim to hang up the 'Completed' sign.
- An amenity park planned to make it stand out from the basic business park crowd.
A Strategic Expansion Amidst the Rapid Swell
According to Adam Herrin, CEO at FORMATION, the Phoenix Metro area's growth is nothing short of astonishing. Makes sense they’d want a slice of that pie. With over $1.3 billion in projects completed or underway, FORMATION isn't new to the rodeo. Their thematic strategy rides the Southwest’s development wave just like a cowboy rides his first bronco—confident until thrown off.
For Crescent Real Estate, this venture with FORMATION is another notch on the belt. They've got their fingers in various pies, from high-end hotels to industrial plots, and this project fits with their model of diversifying across asset classes.
The Big Picture
In the grand scheme, this project is more than numbers, and that’s something both FORMATION Interests and Crescent Real Estate would preach. Still, it doesn’t hurt that the numbers are bolstered by demand in a region that's proving fertile for development. For them, it's about setting trends instead of just flowing with them, committing to building structures that aren't just tomorrow's advantageous leases but also strategic placements in a burgeoning locale.
