Terraces at New River
Phoenix, AZ
Background
The subject property lies between the New River wash to the west and the Loop 101 to the east, immediately north of W. Bell Rd and across the freeway from Arrowhead Mall, Costco, abundant desirable retail & restaurants, and multiple MLB spring training complexes. The total gross acreage of the site is +/-34 acres, however the net-acreage is +/-17.85 acres after deducting the land that is encumbered by the New River wash. For many years this property was zoned for commercial/office uses and, despite the rapid growth of the adjacent area, sat vacant due to access issues and other developers viewing the New River wash impact as too challenging to take on. To allow development of the site, municipal and federal authorities would require a developer to complete the lengthy CLOMR (Conditional Letter of Map Revision) process with FEMA and the Army Corps of Engineers by creating a detailed gabion-mattress wall riverbank protection plan.
