Phoenixmart in Casa Grande Arizona

[Nolan M.]

Hey Central AZ investors! I’ve been hearing about phoenixmart and it sounds promising, however I read that a concrete company recently got a million dollar lien against them. Does anyone have any more info? I’ve considered buying rentals in casa grande because the prospect that phoenixmart May bring in thousands of jobs. Any thoughts? Is phoenixmart a pipe dream?

[Randy K.]

As far as I've seen, many of the major plans that have been rumored throughout Casa Grande over the years don't always quite work out as expected. PhoenixMart was supposed to be up and running years ago, but from what I'd heard, the investors overseas ran into delays due to immigration. Though I don't often make it out to where PhoenixMart is being built (https://www.google.com/maps/place/32°52'47.2"N+111...), I do know that they've been working on the structure for over a year now. Your mention of the concrete company's lien is the first I've heard of it, though it wouldn't surprise me.

Aside from PhoenixMart, there are several other large developments that are supposed to be popping up soon: Attesa Motorsports Complex (debatable whether it'd be considered as being in Casa Grande or Stanfield), Lucid Motors (SW corner of Casa Grande), and Dreamport Villages (to my knowledge, near the I-8 and I-10 interchange). Several years ago it was rumored that a Six Flags would be built somewhere near Eloy, then the idea seemed to vanish in the wind, same for the massive Pacific Union railway switchyard that was planned for the Picacho/Red Rock area. Whether any of these new facilities will make it to completion and create long-term employment opportunities is hard to say.

It's also not uncommon to see new businesses built from the ground up, then within a few years they scale back drastically or shut down completely. Not only can empty retail properties be found throughout CG, but vacant industrial and manufacturing facilities as well, particularly on the southwest side of town.

All-in-all, I would say that Casa Grande does have potential for cashflow, but in my experience of living here since '07, I wouldn't personally buy with the idea of appreciation in mind. From what I've seen, the BRRRR strategy tends to work well (feel free to ask @Shiloh Lundahl about his experiences with Pinal County properties) , as there's still a fair amount of distressed SFH's and small multi's in this town. Same can be said for Arizona City, Eloy, Coolidge, Florence, etc.