**Mortenson Launches Major Mixed-Use Development in North Phoenix**
Mortenson Development has announced early plans for a massive mixed-use project in north Phoenix, following the purchase of a 217-acre site for $136 million at an Arizona State Land Auction. The site was formerly slated for an entertainment district and arena for the Arizona Coyotes before the team’s relocation to Utah.
Acting as master planner, Mortenson aims to develop the site in multiple phases, delivering at least 5 million square feet of space. The project will incorporate a range of uses, including office, retail, restaurants, and entertainment.
Phase I of the development will feature a 30-acre mixed-use campus comprising at least 350,000 square feet.
As part of the agreement, Mortenson is responsible for securing all necessary permits for public infrastructure improvements, covering all initial phase development fees, and obtaining the initial Phase I infrastructure permit within three years of project approval.
The City of Phoenix has agreed to reimburse Mortenson annually for the infrastructure improvements, covering a significant portion of the developer’s costs.
