Property Reserve Inc., a real estate arm of the Church of Jesus Christ of Latter-day Saints, is proposing a massive industrial project and residential community at a prime Phoenix infill site.
The Utah-based company, one of the largest private landowners in Arizona, is proposing to develop a a 1.24 million-square-foot warehouse and three smaller industrial buildings ranging in size from 177,000 square feet to 190,000 square feet.
Property Reserve did not immediately respond to a request for comment about its new industrial project.
Just south of the industrial park, Property Reserve has also been working since 2023 on plans for a residential community with 330 units including apartments, single family homes and townhomes across 70 acres.
The overall site being developed by Property Reserve totals more than 180 acres located between 71st and 67th avenues just north of Lower Buckeye Road in an industrial core and residential area. It’s located in southwest Phoenix near Tolleson.
Property Reserve Arizona LLC, which is being represented by Withey Morris Baugh PLC, recently applied to rezone about 112 acres from residential and update the city’s general plan to allow for a flexible commerce park development on the north portion of the site. The architect for the industrial project is Butler Design Group.
An application for rezoning and a general plan amendment is scheduled to go before the Estrella Village planning committee on Feb. 20. The industrial project will then be voted on by the planning commission on March 7.
Phoenix City Council previously approved rezoning for the residential portion of the project during a March 2023 meeting.
Despite a slight slowdown in leasing and absorption in 2023, industrial developers are still bullish on the Phoenix market.
While massive amounts of industrial supply delivered last year, even more was in the pipeline or under construction. As of the fourth quarter, the Valley still had about 40 million square feet of industrial space under construction. Nearly 20% of this space was also pre-leased.
Demand for space, although lower than in 2022, is still well above pre-pandemic levels, according to experts. This is being driven by manufacturing and logistics companies.
Audrey Jensen
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