Thompson Thrift Acquires 30 Acres for Mixed-Use Development in Phoenix

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Apr 26, 2022, 13:59 ET

Development is short distance from $12 billion Taiwan Semiconductor Plant

PHOENIX, April 26, 2022 /PRNewswire/ -- Thompson Thrift, a full-service nationally recognized real estate company, announced today the acquisition of a 30-acre parcel near the new $12 billion Taiwan Semiconductor Plant (TSMC) currently under development in northern Phoenix. Thompson Thrift plans to develop a mixed-use project that will feature luxury apartment homes and 35,000 square feet of retail on the site during the next two years.

"TSMC is changing the employment landscape in north Phoenix with their new chip fabrication plant. Thousands of new jobs will be created by TSMC and thousands more are expected in the coming years with companies wanting to work alongside TSMC," said Ashlee Boyd, managing partner for Thompson Thrift Commercial. "Thompson Thrift has a significant history developing mixed-use projects that are integral to growing communities and we are excited to bring an integrated mixed-use project to this very dynamic part of North Phoenix."

Located just off Interstate 17 at the southwest corner Dove Valley and the newly approved 29^th Avenue intersection, approved plans call for a 16-acre development featuring luxury apartment homes. The commercial portion of the development will contain approximately 35,000 square feet of retail space set among a series of freestanding and multi-tenanted buildings. Oregano's, a local, family-owned pizza chain, and Twisted Sugar, a gourmet cookie shop, have already committed to the site. Thompson Thrift is in negotiations with various national, regional and local retailers and restaurants for another 20,000 square feet within the project.

"The property is advantageously located along a main growth corridor in the north Phoenix area," said Chris Hake, senior vice president, director of the Southwest region for Thompson Thrift. "We expect leasing interest will continue to be robust for users seeking a high-quality option with unmatched access to the area's growth."

The remainder of the 30-acre parcel will remain as undeveloped space that is part of Skunk Creek Wash natural preserve, which will feature pedestrian amenities and running paths from Dove Valley south to Sonoran Desert Parkway. Thompson Thrift's design plan features seamless pedestrian connection to the preserve's trail as well as complementary community amenities like volleyball courts, green space for yard games and ramadas.

"Our residential, commercial and construction teams will work together this year to secure financing and prepare the site for vertical construction," said Josh Purvis, managing partner for Thompson Thrift Residential. "Having all three parties sitting at the planning table together is beneficial when working with city planners and stakeholders to deliver all components in close proximity."

Phoenix is the fifth largest city in the nation and has experienced double-digit growth in recent years thanks to large companies like TSMC, Amex, USAA, Discover, and Honeywell expanding their presence in the market.

Thompson Thrift is a full-service real estate development company focused on ground-up commercial and multifamily development across the Midwest, Southeast and Southwest. During the past 30+ years, Thompson Thrift has invested more than $3.15 billion into local communities and has become known as a trusted partner committed to developing high-quality, attractive projects.

About Thompson Thrift Real Estate Company
Thompson Thrift is an integrated full-service real estate company with offices in Indianapolis and Terre Haute, Indiana, Houston and Phoenix. Three business units drive Thompson Thrift's success—Thompson Thrift Residential which is focused on upscale Class A multifamily communities and luxury leased homes, Thompson Thrift Commercial which is focused on ground-up commercial development, and Thompson Thrift Construction, a full-service construction company. Through these business units, Thompson Thrift is engaged in all aspects of acquisition, development, construction, leasing, and management of quality multifamily, mixed-use, retail, industrial and commercial projects across the country. We are passionate about our customer's success and strive to ensure our projects not only meet the needs of our customers but also the communities we serve. For more information, please visit www.thompsonthrift.com

Contact:
Jennifer Franklin
Spotlight Marketing Communications
949.427.1385
[email protected]

SOURCE Thompson Thrift