These high-profile real estate developments are set to redefine the Valley
Phoenix Business Journal’s coverage of impactful real estate deals in 2023 has led to the identification of key projects that will redefine the Valley’s real estate landscape in 2024.
These developments are expected to shape the region’s real estate and economic development sector through job creation, employment parks, destination experiences, and the emergence of new industries like hydrogen plants, film production hubs, and rapidly growing sectors such as data centers.
Here are three noteworthy projects from the list:
One Camelback
A prominent office-to-residential conversion project in the Phoenix metro, One Camelback, faced setbacks after commencing construction in 2020.
Delphi Financial Group now owns the project after a credit bid of over $44 million in a November 2023 auction, following the default of the previous owner, Camelback Owner LLC.
The project, approximately 85% complete at the time of the ownership transfer, is undergoing scrutiny to determine a completion timeline.
Nestlé Manufacturing Plant
Nestlé has made significant progress on its $675 million, 150-acre manufacturing plant in the Glendale area.
The 630,000-square-foot facility, situated off Northern Parkway, is set to produce creamers for Coffee Mate, Coffee Mate Natural Bliss, and Starbucks brands.
Construction is nearing completion, with operations expected to commence in the second quarter of this year. The plant aims to recycle up to 75% of its treated process water and operate fully on renewable electricity.
VAI Resort and Mattel Adventure Park
The first phase of the $1 billion VAI Resort and Mattel Adventure Park in Glendale anticipates opening by the end of 2024, featuring a music-themed hotel, amphitheater, concert venue, and an indoor theme park.
VAI Global Development celebrated a construction milestone with a $40 million concert stage in December, with concerts expected to commence by the end of 2024.
The overall development, including four hotel towers, a party island, a beach-like water feature, luxury retail, and dining, is projected to have an annual $32 million impact on Glendale over 25 years. Construction progress indicates the structures were approximately 60% completed as of December.