A developer plans to turn 240 acres of farm land into industrial buildings in southwest Phoenix, part of an employment center the city markets as the South Mountain Technology Corridor (SMTC).
Three years ago, a 22-mile stretch of the Loop 202 opened, connecting the East and West valleys. A perfect place, Phoenix thinks, for businesses to bring quality jobs.
Councilwoman Yassamin Ansari represents the area known as Laveen and said she’s had several conversations about, “the need to have buildings constructed that are ready for occupancy and this development agreement will help make this happen.”
Indianapolis-based Scannell Properties plans to develop 15 to 18 buildings around 67th Avenue and Dobbins Road. Scannell will not be allowed to build warehouse distribution centers for at least three years to allow time for the city to attract high-tech and advanced manufacturers.
If the City Council approves, Phoenix will reimburse Scannell up to $7.5 million for public infrastructure improvements.
A report to the city’s economic development and equity subcommittee said:
“This property is vital to kick off the SMTC and is crucial to provide existing space for the many advanced manufacturing companies coming into the market. The redevelopment of the Site is an important economic development opportunity that will create several hundred new high wage jobs over time for the community, and will yield significant financial and public benefits for the City above and beyond the TPT revenues generated.”
TPT stands for Transaction Privilege Tax, a tax on vendors for the privilege of doing business in Arizona, which is commonly passed on to buyers and consumers.
