The Maricopa City Council heard a presentation during their work session on Nov. 1 pertaining to a developer’s reimbursement request for public improvement expenses to the Edison Pointe development site.
The empty retail lot is next to Fry’s Marketplace.
Vintage Partners Leasing Director Casey Treadwell formally requested reimbursement of costs incurred while developing public improvements on John Wayne Pkwy and Edison Road. The improvements are necessary for private development of the 15-acre site but ultimately will be part of public roadway.
The developers have been marketing the project for approximately four years and are close to securing the leases needed to move forward. However, some of the potential tenants have been hesitant to sign their leases until the developers shore up an agreement with the city about public improvement.
“If this reimbursement is in place, we do think that we can execute the final leases with the tenants over the next few weeks and get this project on schedule to deliver and open in the fall of next year,” Treadwell said.
Five major tenants are firm in their intent to lease or purchase property at the Edison Pointe site, Treadwell said. However, two potential major tenants are holding out pending a decision on the reimbursement.
If everything goes well and reimbursements are agreed upon, Treadwell is confident the development could break ground before the end of the year, though he does recognize the agreement could make or break plans for development.
“Without this it would probably push the project into 2018 if we can do it at all,” Treadwell said.
The council went into executive session to discuss details of the request. After returning to the council chambers, Mayor Christian Price and the council advised city staff to pursue negotiations with Vintage Partners and to continue to work out an agreement regarding the reimbursements.
Potential tenants at Edison Pointe, according to Treadwell’s presentation, include a pet supply store, restaurants and other “soft goods” (or clothing) stores.