Cushman & Wakefield has advised Formation Interests in the arrangement of joint venture equity and construction financing for the speculative development of FORMATION PARK 17, an innovative new business park totaling 428,011 square feet of Class AA space along the I-17 Corridor in north central Phoenix, Arizona. In partnership with a real estate fund advised by Crow Holdings Capital, Comerica Bank, and American National Bank of Texas, Formation’s Southwest Team is transforming an existing 7-building office campus of 338,048 SF into FORMATION PARK 17. The new infill development represents Phoenix’s first transit oriented industrial business park, according to the developer.
FORMATION PARK 17 will be the largest ($$) and most unique project in Formation Interests’ history, and the firm’s second project in the Phoenix Metro market. FORMATION PARK 17 is scheduled for completion in Fall 2026 and is being constructed by Willmeng Construction, Inc. Formation’s Mike Gilbert uncovered the special site and is running point on the project.
“Phoenix Metro’s industrial sector continues to perform extremely well, driven by superior market fundamentals and strong occupier activity and demand. Fitting exactly into its wheelhouse of delivering special urban development projects, the vision of Formation Interests to convert and redevelop this tired office complex into a premier first-of-its-kind, transit-oriented industrial park comes at an opportune time. The I-17 Corridor poses significant barriers-to-entry with industrial sites along I-17 severely limited. Additionally, vacancy in the area remains tight and new industrial construction is currently constrained,” said Will Strong, Executive Vice Chair.
“FORM17 represents the first transit oriented industrial business park in Phoenix history, providing walkable connectivity to the metro light rail, a city park, 100s of restaurants and lifestyle amenities and the $1b mixed use redevelopment of Metrocenter mall,” said Mike Gilbert, Director – Southwest Region for FORMATION. “The location along the I-17 provides unmatched access to consumers and labor, along a corridor starved for supply of modern industrial facilities. FORM17 fits squarely into Formation’s strategy of identifying special urban development projects in Texas, Phoenix and the Southwestern US.”
FORMATION PARK 17 will feature four buildings totaling 430,000 SF of Class AA space. Exterior design features include sleek vertical elements, eye-catching lighting, abundant parking, and direct Interstate visibility. The project will feature 32’ clear heights, 190’ truck courts, and expandable, ample power per building and will be delivered with turn-key speculative improvements including office space, full air conditioning, LED lighting, and dock packages.
“Lenders are laser-focused on lending on the “right” speculative construction projects right now, and FORMATION PARK 17 delivers: a premier infill location, solid submarket fundamentals, and a product aligned with the strongest tenant demand. The number of competitive, non-recourse quotes we received—across banks, insurers, and debt funds—speaks volumes. It’s a clear vote of confidence in Formation Interests’ vision and execution,” said Brian Share, Vice Chair, EDSF who led the construction financing process.
Situated at the re-emerging intersection of I-17 and Peoria Ave, FORMATION PARK 17 sits adjacent to the $1 billion Metrocenter redevelopment and is proximate to TSMC’s new plant and Sky Harbor International Airport. Additional key off-site amenities include direct light rail access, abundance of restaurant options, picnic areas/green space and access to a growing population and robust labor pool.
