Office-to-Industrial Project Okayed Near Metrocenter

Formation Interests is planning to turn an old Phoenix office complex into a transit-oriented business park just across from the $850 million Metrocenter mall redevelopment. The Phoenix Business Journal reports the 22-acre property will become Formation Park 17 with four industrial buildings totaling 425,280 square feet. Targeted industries for the park include manufacturing, semiconductors and warehouse and distribution.

The speculative buildings will range from 95,200 square feet to 111,600 square feet and feature a 32-foot clear height for occupiers looking for 20,000 to 425,000 square feet.

The property being redeveloped includes seven office buildings built in the 1970s. They’re located east of Interstate 17 in the city’s North Mountain redevelopment area plan.

The former Metrocenter mall, which began being demolished in November, is set to become a mixed-use center with a 140,000-square-foot retail core and 1,200 townhome residences.