Developer and city reiterate vision for long-planned Stadium Point project; timeline tied to financing
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Summary
Steinhauer Properties and Peoria staff updated the council on the Stadium Point (P83) mixed-use development, saying schematic designs and some off-site work are advanced but vertical construction awaits equity commitments; timeline remains flexible under the development and implementation agreements.
Peoria city staff and representatives of Steinhauer Properties updated the city council on April 22 on the long-running Stadium Point development (P83), describing progress on design and public improvements while cautioning that vertical construction remains contingent on securing equity financing.
Deputy City Manager Mike Faust and Rory Sandstrom, Steinhauer’s representative, presented background and current status of the multi-phased, mixed-use project that envisions Class A office towers, a full-service hotel and roughly 350 Class A multifamily units alongside public amenities. “We have full confidence in this project,” Sandstrom said, summarizing the developer’s view that the site is uniquely positioned for long-term demand in the North Phoenix technology corridor.
Faust reminded the council that the original development agreement (DDA) dates to April 2021 and the implementation development agreement (IDA) was approved Nov. 15, 2022. Those agreements include milestones tied to a commencement date set when the final plat was approved; the developer exercised at least one 90-day extension on schedule milestones, moving an 18-month construction-drawing deadline from April to July 2025.
Steinhauer said it has invested more than $10 million in preconstruction work, completed schematic designs for vertical elements (multifamily, hotel, office) and has a letter of intent with Hilton for a 210-key Curio-branded hotel. The developer has also funded off-site design and civil work and reported that some public improvements — including relocation of a raw water well and the city’s relocation of a maintenance building — are complete. Sandstrom said the firm has “self funded” schematic and preconstruction work and that debt providers have expressed interest, but equity partners have not yet committed.
Council members pressed the developer for a firm start date. Councilmember Finn asked directly for a construction start date; developers said timelines are governed by the schedule-performance provisions in the DDA/IDA and reiterated that construction would begin within the contractual timing once funding is secured. The developer and staff committed to monthly updates to the city manager and council about financing and project milestones. “We are prepared to move very quickly as soon as we identify those equity investors who want to invest with us,” Sandstrom said.
City staff said that even with immediate full funding, converting schematic designs into construction drawings and permitting would likely take several months — a sequence that could mean seven to nine months before vertical construction begins. Council members expressed frustration that the project has not advanced to vertical construction in roughly two-and-a-half years since approval of key agreements; some urged the developer and staff to consider alternative paths, including focusing on the more-financeable multifamily and hotel elements or renegotiating terms if needed.
No formal council action was requested; the presentation served as an update and discussion of next steps. Staff said monthly written progress reports from the developer would be provided to the city manager for distribution to council.
