**Mortenson Launches Major Mixed-Use Project in North Phoenix**
Mortenson Development is moving forward with early-stage plans for a major mixed-use development in North Phoenix. The company recently acquired 217 acres of land at a state land auction for $136 million. The site, once proposed as the location for an entertainment district and arena for the Arizona Coyotes, is being reimagined after the team’s relocation to Utah.
Mortenson will serve as the master planner for the entire 217-acre site, which is expected to be developed in multiple phases and deliver a minimum of 5 million square feet. The master plan includes a mix of office space, retail, restaurants, and entertainment venues.
Phase I of the project will focus on a 30-acre mixed-use campus, which will feature at least 350,000 square feet of development.
Under the terms of the agreement, Mortenson will be responsible for securing permits for public infrastructure, paying all initial development fees, and obtaining the first infrastructure permit for Phase I within three years of the agreement’s approval.
To support the development, the City of Phoenix will reimburse Mortenson annually for public infrastructure improvements, covering a substantial portion of the developer’s costs.
