Thompson Thrift Begins Construction on Mixed-Use Development near Taiwan Semiconductor Plant in Phoenix
August 21, 2023
Phoenix, AZ
PHOENIX (Aug. 21, 2023) – Thompson Thrift, a full-service nationally recognized real estate company, announced today the commencement of construction on master infrastructure improvements and approximately 35,000 square feet of freestanding and multi-tenanted retail space near the $20+ billion Taiwan Semiconductor Plant (TSMC) in northern Phoenix.
“The property is advantageously situated along a main growth corridor in the north Phoenix area,” said Ashlee Boyd, managing partner for Thompson Thrift Commercial. “We think the combination of location, strong demographics and high-quality construction have generated significant leasing interest and will make this a standout addition to this growing market.”
The retail center will utilize 6 of the 30 acres Thompson Thrift acquired last year just off Interstate 17 at the southwest corner of Dove Valley and the newly approved 29th Avenue intersection. Oregano’s, a local, family-owned restaurant; Twisted Sugar, a gourmet cookie shop; Over Easy, a breakfast and brunch restaurant and Foothills Grille, a new restaurant concept from the operators of Pinnacle Grill, have already committed to the site.
Additionally, Heartland Dental, Yoga Six, BFT fitness studio, The Bar, and a nail spa have also signed leases to open at the center. The company is in negotiations with various national, regional and local retailers for the remaining shop space within the development. The company expects the first tenants to open in early summer 2024.
The company also plans to develop 224 luxury apartment homes on an approximately 8.5-acre parcel adjacent to the retail center. 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.
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.
