TITLE
The Mayor and City Council shall discuss and possibly take action on the approval of a Master Planning and Marketing Agreement with J & J Commercial Properties Inc. doing business as CPI (Arizona) for the planning, design, marketing, disposition and future development of Copper Sky Commercial for a mixed-use site to include a hotel user in the first phase. The Agreement is for three years ("Initial Term") with a possibility to extend for three (3) additional one (1) year terms. Discussion and Action.
AGENDA ITEM DESCRIPTION
Copper Sky Commercial Background Information:
On February 13, Economic Development Staff published a Request for Proposals seeking to sell or ground lease for development certain properties strategically to advance development goals and to take advantage of market opportunities. The intent was to select one (1) or more teams with a vision, experience, financial strength and capacity to transform Copper Sky Commercial site into a high-quality mixed-use destination to complement Copper Sky Multigenerational Recreation Complex and delivers significant social and economic impact.
Commercial development has not kept pace with the community’s rapid growth and there is a critical need for new space. Maricopa has incredibly low vacancy rates in all commercial disciplines; in the fourth (4th) quarter of 2017, Co-Star reported vacancy rates for office, industrial and retail space as 0.0%, 0.3% and 1.6% respectively. Additionally, there is an estimated retail leakage of more than three hundred sixty eight ($368) million per year with leakages in most retail categories. Maricopa residents have grown tired of traveling to other cities for the goods and services they need. With a median household income of more than sixty six thousand dollars ($66,000), Maricopa residents are looking to spend their money close to home.
Copper Sky Commercial Site is a premier eighteen (18) acre development site owned by the City of Maricopa (City). The site ...
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