Around $500 million in new real estate development appears to be in the offing for the Valley of the Sun in Arizona.
The Miami-based company Related Group says up to three new mixed-use projects are currently being planned for various parts of metro Phoenix, although no specific sites have as yet been disclosed.
Those projects would be a combination of residential and retail, with buildings ranging in size from two to ten stories.
Related Group is owned by Jorge Perez, who has to date developed an estimated $17 billion in projects throughout South Florida and other locations in the last nearly 40 years.
Perez is ranked on the Forbes 400 list with a net worth of $3 billion, and made his initial and most important investments in affordable multi-family housing projects.
Early reports indicate that the Related Group wants to build upper scale residential projects in Phoenix, Scottsdale, and Tempe. Also mentioned for development is the Deer Valley area.
In an interview with Arizona media, Steve Patterson, chief executive officer of the Related Group, said the company was particularly interested in metropolitan Phoenix because of the large number of younger people who are moving into the area.
Perez has said that he would like to launch the Arizona projects sometime in 2019.
By Garry Boulard
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