Brookfield Communities Launching Commercial, Residential Expansion Projects
Brookfield Communities, a master-plan developer of two Arizona active adult communities and large land-holder, announced significant expansion plans commencing in 2013 – a new model home complex and large medical and commercial project in Bullhead City and plans for major expansion of its Verde Santa Fe master-plan near Sedona in the Verde Valley.
Early in 2013, Brookfield will break ground on a medical campus within its Fox Creek master-plan in Bullhead City. The 5-acre project will be anchored by five 7,500 SF medical office buildings – targeted and marketed to medical/physician practices and health-related service providers. The medical campus is strategically situated near two hospitals and thousands of residents.
In addition, an assisted living facility will be built adjacent to the medical office complex. Joshua Springs will be a 95,300 SF, $17M facility that will include 74 assisted living units and 30 memory care beds. Once fully-operational, Joshua Springs will employ more than 50 full-time staffers.
Brookfield Communities sold the land for the facility to Oregon-based Strata Management who is developing the project. The builder of Joshua Springs is Seabold Construction and the architect is John Lape. Plans are to break-ground on the assisted living project next month and anticipate it being completed in the first half of 2014.
“For years, Brookfield Communities has been a responsible and generous partner in our region and we look forward to the upcoming expansion at its Fox Creek community,” said Connie Davis, executive director of the Laughlin Chamber of Commerce. “We are excited to see Brookfield Communities continue to make a positive impact in the region.”
Near the medical complex, Brookfield Communities is also planning to develop a 10-acre commercial site to include space for a future national pharmacy retailer as well as a unique urban market and specialty retail complex.
“Currently, there is not a project like this in the region,” said Phil Petersen, founder and president of Brookfield Communities. “This is a game-change project for the entire market.”
In Northern Arizona, Brookfield Communities and Republic Companies are in the advanced stages of planning on an additional 700 acres for mixed uses adjacent to its Verde Santa Fe master-plan. The site will eventually include about 1,400 new homes. However, the project will start with a unique new commercial addition.
A major feature of the new project will be several acres set aside for a wine tasting center, featuring many of the best wineries in Arizona. The area will include cafes and will be surrounded by vineyards. The project will also include a commercial center, a large resort, medical office buildings, office condos and restaurants.
Petersen said plans for the Verde Santa Fe project were originally conceived back in 2005 and 2006, but were shelved during the real estate recession. Now, Brookfield Communities is just about ready to “fire it up again,” he added.
“We have been planning both the Bullhead City and Verde Santa Fe projects for some time, anticipating an improvement in the market, and are confident the market is ready for both of these significant projects,” Petersen said. “Historically, we have ideally timed our projects and are confident this time around as well.”
Brookfield Communities recently moved to its new corporate headquarters at 3550 N. Central Ave., #1001 in Phoenix. The larger, more expansive space allows the company to continue to add staff to manage its increase projects and activities in 2013 and beyond. Unlike many residential developers who folded during the past five years, Brookfield Communities continued to grow and remain profitable.