Plans for I-17 Developments at Dove Valley & Carefree Highway Uncertain

©VALLEY VIBE GRAPHIC

---

Large-scale retail developer Phoenix-based Vestar had a plan to develop commercial retail centers with big box anchor stores on land parcels at the southeast corner of the I-17 and Carefree Highway interchange and at the southeast corner of I-17 & Dove Valley Road.

Vestar satisfied the criteria required before the land could be put to auction by the state.  

The process began with Vestar filing an application with the Arizona State Land Department requesting the land be auctioned for development. The developer worked closely with the City of Phoenix on infrastructure and rezoning. Preliminary plans were shared with the community and input was heard.

The parcels were put to auction on June 26 and a bidding war erupted and ultimately Vestar lost both parcels. The bidding began at $36.7 million for the I-17 & Carefree Highway site, and after 10 bids, Dove Valley LLC, an affiliate of Taicoon Property Partners placed the winning bid at $45 million for the land. Taicoon also was the winner of the parcel at I-17 & Dove Valley, which sold for $43 million after 15 bids—driving up the opening bid price of $36.6 million.

“We respect the planning work that’s already been done in this area, and as we evaluate opportunities for these sites, we’re committed to taking a thoughtful, long-term approach. We look forward to engaging with the community and sharing more information as additional details become available.”

Suzanne Pyles – Managing Director, Taicoon Property Partners

Plans Unknown, Infrastructure Requirements Carry Over

To date, no preliminary plans or additional information have been released by Taicoon Properties for the buildout of the sites. And, as of this writing no plans have been filed with the City of Phoenix for either site.

Valley Vibe asked Taicoon Properties to elaborate on whether the plans would still include retail and restaurants, much like Vestar was planning. 

“We recognize the impact these properties will have on the future of north Phoenix, and we understand that what happens here matters to the surrounding community. We respect the planning work that’s already been done in this area, and as we evaluate opportunities for these sites, we’re committed to taking a thoughtful, long-term approach. We look forward to engaging with the community and sharing more information as additional details become available,” Suzanne Pyles, Managing Director at Taicoon Property Partners told Valley Vibe in an email.

Since the zoning has been approved by the City of Phoenix for both sites already, the zoning carries over to the new owner, along with the zoning stipulations associated with each parcel. A spokesperson for the City of Phoenix told Valley Vibe the successful bidder must show compliance with all the zoning stipulations, in addition to all other City Code requirements, before obtaining plan review approval in order to pull permits to begin construction.

The developer is responsible for funding and constructing the infrastructure improvements required by the City. The roadway system improvements, with new arterial roads and extensions including the bridge, are estimated at $80 million.

The site bordering the freeway between Dove Valley Road and Sonoran Desert Drive is approximately
158 acres. 

The 92-acre portion of the parcel at the northeast corner of the I-17 and Sonoran Desert Drive is subject to 48 stipulations. Some requirements include: A 30-foot-wide multi-use trail easement along the south side of Dove Valley Road between the shared-use path on the east side of Skunk Creek Wash and the multi-use trail on the west side of Skunk Creek Wash; and a City-approved master trails plan for the rezoned area, including sidewalks, and pedestrian pathways. In addition, an elevated pedestrian/bicycle bridge must be funded and constructed by the developer, connecting the west bank to the east bank of Skunk Creek Wash.

The second portion of that same parcel encompasses 27.51 acres at the southeast corner of I-17 and Dove Valley Road. It carries 11 stipulations; one of which requires the site plans and elevations for the site to be approved by the City’s Planning Hearing Officer through the public hearing process prior to preliminary site plan approval, the City Spokesperson told Valley Vibe. “The Village Planning Committee usually hears PHO cases at the [board] chair’s discretion and makes a recommendation on them prior to the PHO hearing,” he added. 

---

Some of the notable stipulations on this parcel include a 10-foot wide multi-use trail along the west side of Skunk Creek Wash and along the south side of Dove Valley Road, necessary right of ways for future interchange developments, and a traffic impact analysis.

The site at the southeast corner of I-17 and Carefree Highway carries 16 stipulations, including site plan and elevations approval by the PHO through a public hearing prior to preliminary site plan approval.  

If Taicoon Properties wishes to modify any of the City Council-approved stipulations for any of these zoning cases, they will be required to go through the public hearing process and obtain City Council approval.

Taicoon Properties is a U.S.-based real estate investment, development and advisory firm, based out of Washington D.C. and Arlington, VA. Their portfolio includes property development and retail space, including prime mixed use land and existing office properties.