What Happened to the PhoenixMart?
The PhoenixMart was supposed to be a huge international trade center, attracting over 1,700 vendors and creating nearly 8,000 jobs with combined payrolls of $300 million. It was slated to open late in 2012 or early 2013. Today, the site sits empty and just three development installations are in place. The landscaping is nearly complete, but nothing is happening on the site.
PhoenixMart’s debacle
The PhoenixMart project has had a troubled history from the beginning, and the final result is an epic tragicomedy. The company’s general contractor has quit, the FBI raided the company’s headquarters, and a portion of the site remains unfinished. PhoenixMart’s website boasts of plans to be the largest global product marketplace in North America, with millions of products available and thousands of showroom suites. However, there have been a number of questions about the project’s future.
One major question is how PhoenixMart is going to fund its business. Its original announcement was made in 2011, but since then it has been plagued by funding issues. If the company goes through bankruptcy, investors may lose money, but that’s unlikely to happen anytime soon. The company is still in the early stages of looking into payment integration. If it works out, PhoenixMart could provide a recommended payment platform for retail partners. This could generate a new revenue stream, and also provide retailers with better data.
Its future
The PhoenixMart is a massive sourcing center that was supposed to open in late 2012 or early 2013. It was expected to attract more than 1,700 vendors and create nearly 8,000 jobs with a combined payroll of $300 million. But as of late September, the site is still unfinished. While landscaping has been added and three development installations are visible near the main entryway, the site’s future is murky.
A number of factors are threatening to derailed PhoenixMart’s construction. Since it was first announced, the project has been beset by funding issues. AZ Sourcing said it would not comment on the status of the project’s investor visas. But the company did lock in a premier service provider to handle the project.
PhoenixMart is the largest merchandise marketplace in the Western Hemisphere, offering a broad range of goods and materials from around the world. It also features dining and entertainment options. But despite its promise of huge economic benefits, the project has been plagued with problems. While it was originally scheduled to open in early 2014, it is still not built. It has suffered from funding issues and a recent shutdown by the FBI.
Its investors
PhoenixMart is a 150 million dollar project that is facing some delays. Residents are unsure about the project’s completion. However, the company has completed 95 percent of the grading at the site and is now preparing to start foundation work. Once the city approves a building permit and preliminary plat plans, construction will begin. The first tenant was announced last month. The project is expected to draw international companies to Phoenix.
The development is based on similar projects in China and Dubai. The mall is expected to include 1.7 million square feet of retail space, offices and entertainment venues. It will also include residential units and hotel rooms. PhoenixMart’s investors are optimistic that it will open before the end of 2018, as scheduled.
The project also benefits from the EB-5 visa program. Under the program, foreign investors can invest up to $500,000 in a U.S. business in return for a green card. The EB-5 visa program, which started in 1990, rewards foreign investors who create jobs and invest in the U.S. economy. The program has become a popular immigrant visa program for wealthy foreign investors, particularly Chinese investors. EB-5 immigrants often buy homes in the U.S., and then look for additional business opportunities in the country.
Its impact on Casa Grande
The city of Casa Grande has already approved a $36,000 contract with Jensen Hughes to help the company meet building codes and ensure that construction proceeds according to the city’s approved plans. The city has a population of more than 21,000 and is a center of manufacturing, agriculture, and retail trade. In 2014, the unemployment rate was 6.7 percent.
The PhoenixMart project is a shopping center that is located near the cities of Tucson and Phoenix. It is easily accessible by highways and rail systems. The shopping center will focus on six industries, including electronics, home and hotel, fashion, and food. It is expected to create between 8,000 and 10,000 jobs in the region. The project began in 2011 when Scottsdale-based AZ Sourcing bought property near the city limits. In 2012, the city of Casa Grande approved the initial design plans.
The construction of PhoenixMart has been delayed, and residents have been concerned about the project’s progress. While grading and foundation work are complete on the site, work on the roof is still incomplete. However, workers are preparing the ground for construction once the city approves the building permit application and preliminary plat plans. Last month, the first tenant of the PhoenixMart was announced. The project is modeled after similar projects in China and Dubai, and is expected to attract international companies to the area.
