Alliance Bank of Arizona, the region’s go-to business banking resource, continues to finance Phoenix’s fast-growing East Valley, with more than $255 million in loans over the last 18 months, including financing 1.74 million square feet of ground-up commercial projects and over 434 acres of single-family residential projects.
Growing substantially over the last 10 years, the East Valley as a whole is approaching a population of 1.4 million residents and nearly 800,000 jobs, according to the East Valley Partnership. In Chandler alone, 3,000 new jobs are on the horizon as Intel looks to complete its $7 billion semiconductor facility. The East Valley accounted for 59 percent of the region’s 3.14 million square feet of office leasing last year, according to commercial real estate firm JLL. When it comes to housing growth, heat maps show the bulk of new residential building in the Phoenix metro area is happening in the Southeast Valley.
“Alliance Bank of Arizona has stepped forward to finance an array of important new projects in the East Valley focusing on core locations that offer immediate access to the region’s growing workforce, housing and transportation corridors,” said Ericka LeMaster, senior vice president of commercial real estate for Alliance Bank of Arizona. “We have been and will continue to be vested in the area, not only with lending, but also by expanding our banking locations, such as our newly opened Gilbert branch.”
Ranging from a Class A office and industrial parks to a new master-planned community, key East Valley projects financed by Alliance Bank of Arizona since 2016 include:
- Cadence Masterplan (Phase I) – Mesa. A portion of the infrastructure and community amenities for Phase I of the new master-planned community that features 247 residential lots on the southeast corner of Ray and Ellsworth Roads.
- Green Court at Eastmark – Mesa. Construction of residential homes within the Green Court subdivision, featuring 69 residential lots/homes in the master-planned community of Eastmark on the northeast corner of Ray Road and Inspirian Parkway.
- Estates at Eastmark (Phase I) – Mesa. Development of 87 residential lots within Phase 1 of the Estates at Eastmark located on the southwest corner of Signal Butte and Ray Roads.
- Park Lucero Industrial Park – Gilbert. A multi-phase 486,535 square-foot, Class A industrial park located at Gilbert and Germann Roads.
- Mach One – Chandler. A 200,000 square-foot Class A office park featuring two, 100,000 square-foot buildings at Cooper and Germann Roads.
- Broadway 101 – Mesa. A 212,984 square-foot, Class A, two-building industrial park at Broadway and Dobson Roads.
Last month, Alliance Bank of Arizona opened its newest branch location at 1907 East Pecos Road in Gilbert, offering comprehensive commercial banking products and services.