Property Reserve Inc., the real estate juggernaut tied to the Church of Jesus Christ of Latter-day Saints, has its sights set on a sizeable infill project in the heart of Phoenix, reported Phoenix Business Journal. The Utah-based entity, wielding considerable acreage in Arizona, has drafted plans for a 1.24 million-square-foot warehouse, alongside three smaller industrial buildings spanning from 177,000 to 190,000 square feet.
Within the vicinity of the bustling industrial park, this development heavyweight is crafting a vision for a residential oasis comprising 330 assorted housing units sprawled over 70 acres, as part of ongoing efforts initiated in 2023. Although a request for comment on this ambitious project went unanswered, the proposed undertaking represents a strategic blend of commerce and community on an expansive 180-acre plot nestled between 71st and 67th avenues, north of Lower Buckeye Road, a stone's throw from Tolleson.
In a further push to transform this coveted real estate, Property Reserve's Arizona arm, backed legally by Withey Morris Baugh PLC, has put forth a rezoning application—aiming to morph roughly 112 acres of current residential land into a versatile commercial hub—teed up for consideration by the Estrella Village planning committee come February 20th.
Meanwhile, taking a turn toward the more dramatic end of the real estate spectrum, Los Angeles grapples with the remnants of a thwarted venture by Beijing-based developer, China Oceanwide Holdings—affectionately dubbed the 'graffiti towers' by locals, according to ADSmith News. Left in the lurch mid-construction since 2019, these towering skeletons have transformed into a canvas for vandalism and a playground for thrill-seekers orchestrating social media feats. Efforts to bolster security commenced with the removal of scaffolding—a move expected to dampen the buildings' allure as an urban jungle gym.
"They were able to hide inside the walkway area and tunnel their way in by tearing holes in the fence," said police Sgt. Gordon Helper, signaling the start of more robust measures. With a new fence on the horizon, authorities hope to mitigate hazards in this area, which has become a sinkhole for city resources. Despite being loved by daredevils and peppered with graffiti, the towers carry the weight of a $1.5 billion developmental hangover, a sore spot in a district that otherwise boasts the glitz of Crypto.com Arena and L.A. Live. Councilmember Kevin de León has noted the location draws a black eye on the downtown area, languishing from more than street art antics, with robbers reportedly stripping the site of copper wire.
In stark contrast to Los Angeles' real estate hurdles, Phoenix surges ahead with Property Reserve's plans, which, if the wind stays in their sails, may see a flourish of development activity. With the city council having already greenlit rezoning for the project's residential section in March last year, and industrial developers remaining optimistic despite a cooling market, Phoenix's industrial sector might soon witness a new titan rise, fluttering high in the Arizona skies.
