$500M residential, industrial project planned for historic area in West Valley

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Posted at 9:26 AM, May 02, 2022
and last updated 2022-05-02 12:26:26-04

PEORIA, AZ — Charleston, South Carolina-based Greystar Real Estate Partners LLC is proposing to build a $500 million mixed-use project in a historic area of the West Valley.

Plans for the project, dubbed Peoria Place, include nearly 1,200 apartment and housing units with one-to-four bedroom options, 5,000 square feet of retail space and three large industrial buildings on about 100 acres in the Old Town Peoria area, according to preliminary plans submitted to the city.

The site is generally located between Monroe Street and Hatcher Road, and west of Grand Avenue adjacent to Peoria City Hall. It's one of the largest infill parcels in Peoria and one of several large sites the West Valley suburb that has been in the works since the 2000s.

Greystar, a global rental housing developer, purchased the 90 acres on April 25 for nearly $30 million from Highland Capital, according to real estate database Vizzda.

Read more of this story from the Phoenix Business Journal.