After years of anticipation, the earth movers have begun their work at the future site of The Trailhead, a sprawling $100 million-plus retail development in the thriving Happy Valley corridor of Peoria, with doors slated to open in 2024.
According to ABC15, the project will be anchored by a 63,000-square-foot Safeway along with an array of noteworthy dining spots, the first of which are Tacos & Craft, known for their scratch-made tacos, and the Sparrow, a new eatery by the creators of Squid Ink, further igniting the local food scene with a Tempe location already in operation, this development isn't just a shopping center but a mixed-use behemoth inclusive of a 350-unit multifamily complex and a fresh community church.
The architecturally intriguing Trailhead will introduce 140,000 square feet of commercial canvas to Peoria, complemented by an inviting array of amenities such as a water feature, community garden, and open spaces designed for dining and public events as per The Business Journal, all strategically placed on the backdrop of the picturesque Sunrise Mountain Preserve.
The culmination of seven long years of strategic planning and overcoming a myriad of hurdles, from land assembly involving multiple owners to considerations delayed by the pandemic's ripple effects on construction costs and labor, developers have persevered, with the founder of the Pederson Group, Jim Pederson, accentuating the arduous journey with "Sometimes when you're assembling land, these people can see you coming from a mile away. The price keeps increasing by the day," said in an interview with The Business Journal, earmarking the obstacles faced but showing no signs of halting progress on the eagerly awaited Peoria project.
Phase one of The Trailhead is expectantly marching towards a grand opening by the end of 2024, where a shiny new Safeway and a selection of shops, about 80% leased at present time, will debut. Local retail professionals, Zach Pace and Cameron Warren with Phoenix Commerical Advisors are on the front lines securing leasing deals, while Hines is on deck developing the multifamily residential component.
Bolstered by a surge in the local population and the resulting spike in demand for services and retail, The Trailhead stands as a promise of growth and development in Peoria, where consumers have long waited for an upswing in amenities. The pandemic may have stirred the pot on costs, but as Jim Pederson told The Business Journal, "We were tempted to put this thing on the shelf for a couple of years, but I don't think costs are coming down anytime soon," stoic in the face of inflationary pressures while echoing a sentiment of resolve in advancing the project despite the economic headwinds.
