The Pederson Group, a Phoenix-based developer known for shopping centers, is looking to branch into a new arena with a 23-acre purchase of state land near Happy Valley Road and 35th Avenue.
Jim Pederson, founder and chairman of Phoenix-based Pederson, said the company is looking to develop a mixed-use project, with residential, retail and restaurant space. Pederson spent $7.2 million on the land at the auction, more than $2.5 million above the appraised value of the parcel.
“We’ve never incorporated a housing element into any of our shopping centers,” Pederson told Phoenix Business Journal. The company will partner with a multifamily developer for the residential portion and will develop the commercial portion on its own.
The retail section of the project will cost between $7 million and $8 million, Pederson said, though cost for the multifamily portion will be determined by the scope of the project.READ MORE
The Pederson Group of Phoenix has purchased White Mountain Village in Pinetop-Lakeside and plans to spend $4 million on renovating the shopping center.
“We’re already engaging with local officials, community leaders and the shopping public to ensure this valued but dated center is renovated to a first class development and a community asset that this town will be proud of for decades to come,” said Pederson Group founder and Chairman Jim Pederson in a press release. Pederson did not respond to a request for comment by press time.
The shopping center, which includes Safeway, was built in 1982 and has had a high vacancy rate over the past 10 years or so. The plans for the 122,891 square foot plaza include repaving the parking lot and repairing roofs, which will start “immediately.” Other plans include renovating the storefronts, canopies and infrastructure. The renovation is expected to be complete by mid-2019.