**Mortenson Plans Massive Mixed-Use Development in North Phoenix**
Mortenson Development is moving forward with ambitious plans for a large-scale mixed-use project in north Phoenix. The company recently acquired 217 acres of land for $136 million at an Arizona State Land Auction. This particular site was previously under consideration for an entertainment district and arena for the Arizona Coyotes before the team relocated to Utah.
Mortenson will act as the master planner for the entire 217-acre property. The project is set to unfold over multiple phases, ultimately delivering at least five million square feet of diverse real estate offerings. Planned components include office space, retail, restaurants, and entertainment venues.
The first phase 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 obtaining all necessary permits for public infrastructure, covering all initial development fees, and securing the first Phase I infrastructure permit within three years of the agreement’s approval.
The City of Phoenix plans to reimburse Mortenson annually for infrastructure improvements, covering a significant portion of the developer’s costs.
