SimonCRE, a national commercial real estate development and acquisition firm, has released that it has begun development on Prasada North, a new retail development that will amplify the expansive retail options provided by Village at Prasada. Located north of Waddell Road, this large development represents the developer’s ongoing investment in the West Valley. With many projects throughout the country being delayed due to shifting economic conditions, Prasada North is a commitment to supporting the continued growth of Surprise.
Following the overwhelming success in leasing Village at Prasada, the developer is excited to provide additional retail options to the city. Village at Prasada is at 100% commitment for 700,000 square feet, and the developer believes that the continued interest in available space will carry over to this new project, providing more exciting options to residents. While projects are being put on hold due to mounting construction costs and uncertainty in the capital markets, the momentum of this project showcases the strength and resilience of the retail sector. With interest quickly climbing to rates between 6 and 8% and the Fed poised to increase rates an additional two times in their ongoing fight against inflation, the economy is struggling, and a recession is all but a foregone conclusion at this point.
In the face of this, Prasada North moves forward to supply Surprise residents with the retail options they want. Offering an additional 350,000 square feet for retail, restaurants, and shops, Prasada North already has secured leases and letters of intent on over 95% of the available space. The developer is in the process of finalizing commitments with several exciting retailers and restaurants that will complement those offered by Village at Prasada. SimonCRE has worked closely with the City of Surprise’s Economic Development team to source these businesses. Residents have made their voices heard on the kinds of retailers and restaurants that they would like to see brought to their community, and the developer is endeavoring to make sure they are heard.
With 43% of the projected growth for Maricopa County to be in the West Valley within the next 25 years, according to the Western Maricopa Coalition (WESTMARC), there will be an increasingly important demand for restaurant and retail options nearby. This demand will be further strengthened by the blossoming job growth in Surprise, with the 303 becoming a prime location for warehousing to address mounting supply chain issues throughout the country. With 16 million square feet of industrial space being leased in Q2 of 2022, and an additional 19.8 million square feet currently under construction, according to recent figures from CBRE, the West Valley will soon see an even greater need for unique dining and entertainment options. The combination of Prasada North and Village at Prasada will ensure that existing and future residents of Surprise will have access to a wide range of high-quality retail and restaurants to meet these demands.
“The City of Surprise is one of the fastest growing communities in the West Valley, and the residents want access to the same options that have been available for the Eastern Valley for years. We can see that this community is going to continue to grow quickly, and want to do everything in our power to provide those options to Surprise,” said Joshua Simon, SimonCRE’s Founder and CEO.
More information about Village at Prasada can be found on the Village at Prasada website: www.villageatprasada.com. Additional updates can also be found via their Instagram account: @villageatprasada.