Republic Services Inc., one of Arizona's corporate heavy-hitters, is on the move, signaling a new era for its corporate presence in Phoenix. According to recent filings, the waste management behemoth has just penned a deal for a long-term lease and a joint development at CityNorth, a bustling mixed-use hub in the desert city. Cementing its commitment to growth, the Phoenix-based giant is creating a new corporate campus in a city that's quickly becoming known for more than just cacti and sunsets.
The deal involves a sizable chunk of space—about seven acres—sold off by California's Crown Realty and Development to U.S. Realty Advisors, a New York-based firm, for a cool $10.2 million, as reported by ABC 15. The finer points of the transaction were verified by Vizzda, a real estate database, and Maricopa County land documents. David Grazioli, managing partner for U.S. Realty Advisors, detailed their build-to-suit funding arrangement for the new Republic Services headquarters in an interview with Business Journal.
Riding high on its $13.51 billion revenue reported for the fiscal year that ended in December 2022, Republic Services is planting its flag deeper into the Arizona soil. As Forbes' 161st largest employer in the U.S., the Company boasts a formidable workforce of 35,000. Its strategic relocation is expected to supercharge the local economy with 600 new jobs over the next 15 years, housed in a sprawling 240,000-square-foot estate.
Meanwhile, the CityNorth development is taking shape as a live, work, play utopia, according to Rick Carpinelli, senior vice president of acquisition and development for Crown Realty. "This new headquarters building is another piece in our master-planned community that will have the best live, work, play environment in north Phoenix," Carpinelli told Business Journal. As the first multifamily project approaches its pre-leasing stage, with the phase two development already underway, the area is buzzing with anticipation of further large-scale developments such as new restaurants and a couple of hotels.
Republic Services isn't just getting a new address; it's also pocketing economic incentives from the city of Phoenix, a perk for job creation up to $1.5 million and reimbursement of up to $2.4 million for public infrastructure improvements, all for setting up shop in the CityNorth site. With operations already spanning across the U.S. and Canada, including 353 collection operations and 71 recycling centers, the environmental services leader is making sure its Phoenix footprint is as green as it is grand.
