Wal-mart, Home Depot, still expected to build in Maricopa

Wal-mart and Home Depot aren’t talking, but according to a Scottsdale-based developer, a smaller version of the big-box store and the home improvement center are still in the works for Maricopa.

William E. Wayland, vice president and senior development manager for Shea Properties, recently came before the City Council seeking permission to downsize the Wal-mart Super Center planned for The Wells, a shopping center that has been in the works for three years at the northwest corner of Porter Road and the Maricopa-Casa Grande Highway.

The existing development agreement between Shea Properties and the city called for Wal-mart’s location to be no smaller than 214,000 square feet. At the time it was agreed on, the multi-billion-dollar corporation had planned to build a store with 250,000 square feet, Wayland said.

Since then, however, much has changed – including the economy.

Wayland told the Council that Wal-mart has changed, too, by cutting back four stores nationwide that were in the works.

“We feel very fortunate that Maricopa is not one of them,” he said. “But at this point in time we are asking for a reduction from 250,000 square feet to 200,000 square feet.”

The developer also asked for, and received, a reduction in the overall interest rate for its loan through an agreement with the city.

Wayland added that Home Depot is in escrow for a building on the site, and have been for a number of months.

“They did pull a number of locations nationwide, but they see a bright future ahead,” he said, adding that he cannot speak officially on behalf of either national retailer.

Jaime Arms and Kathryn Gallagher, representatives of Wal-mart and Home Depot respectively, have each separately declined to return numerous phone calls and emails sent over a period of months seeking confirmation and additional information.