Phoenix-Area Town OK’s Major Mixed-Use Agreement

The Peoria City Council has approved a tax incentive agreement for the development of Stadium Point at P83, an estimated $510 million mixed-use commercial and residential district in Phoenix’s Peoria suburb. Developed by Steinhauer Properties Inc. the new mixed-use destination near the Peoria Sports Complex will total more than 1 million square feet.

Steinhauer will purchase the site from the city for the duration of the construction period and then transfer ownership back for up to eight years or until at least $15 million in public infrastructure required for the project has been completed. Construction of the community will begin in 2023.

One of the largest speculative developments in the city, the plan calls for two Class A office towers totaling more than 645,000 square feet, 65,000 square feet of retail and restaurant space, a 200-key hotel, 357 multifamily apartments, as well as a separate 28,000-square-foot food court.