Steinhauer Properties outlines Phoenix technology corridor development timeline and challenges

Peoria's City Council has taken significant steps towards revitalizing its downtown area, with a focus on a major mixed-use development project that aims to reshape the local economy over the next decade. During the meeting on April 22, 2025, council members discussed the progress and adjustments to the development agreement that will guide the project’s implementation.

The council acknowledged challenges that have delayed the project, which was initially set to begin construction within the next two to three years. The revised timeline now anticipates a full build-out over a period of nine to ten years. Key changes to the development agreement include the solidification of the government property lease excise tax, an economic incentive aimed at stimulating growth in the area.

Developers Steinhauer Properties presented their vision for the project, which includes one residential tower, two office towers, and a 210-key Hilton Curio hotel. The project is designed to attract technology firms and enhance the urban landscape, with a focus on creating public amenities that will appeal to potential office users. The developers emphasized the importance of adapting to current market conditions, particularly the impact of COVID-19 on office space demand.

The council's discussions highlighted the need for a strategic approach to attract businesses, especially in light of rising construction costs and fluctuating interest rates. The developers remain optimistic about the project’s potential, citing the nearby TSMC technology corridor as a catalyst for future growth.

As the project moves forward, the council and developers are committed to maintaining momentum and ensuring that the vision aligns with community needs. The next steps will involve further refining the implementation schedule and actively marketing the site to prospective office tenants. This ambitious development is poised to transform Peoria's downtown and create a vibrant hub for residents and businesses alike.