Westcor, RED Kicking Off 3,355-Acre Prasada MXD

SURPRISE, AZ-Nearly three years after it unveiled the concept for the 3,355-acre Prasada, Westcor and development partner RED Development LLC are ready to begin working on the its first phase with development partner RED Development. A 350-acre tract has been bought for $51.7 million, launching a plan to develop two power centers and the 303 AutoShow at Prasada.

The development plan calls for an 80-acre, 800,000-sf retail center, which will be shadow-anchored by Target, and 66-acre, 500,000-sf center, which will have Wal-Mart as its shadow anchor. Westcor has flipped 16 acres to Target and 22 acres to Wal-Mart, but the two retail giants have yet to announce a construction date. The 303 AutoShow at Prasada is an 80-acre master-planned auto park, containing 10 sites for dealerships and a shopping center. It is being developed by Staubach AutoGroup in Phoenix.

Garrett Newland, vice president, development with Phoenix-based Westcor, tells GlobeSt.com that groundbreaking on the inline portion of both centers will begin later this year, continuing well into 2009. “There’s a lot of infrastructure work going on there right now,” he says. “It’s currently a very green site, much of it coming out of being farmland.” The land was sold by Suburban Land Reserve Inc. of Salt Lake City, which owns Prasada’s remaining acreage. Newland says Westcor and other development partners will buy the land when it’s time to develop subsequent phases.

Prasada eventually will offer 800 acres of retail, hotels, multifamily and other commercial uses. More than three million sf will be developed. “All of that will occur over time, but not immediately,” Newland says. “The first phases will be the power centers and auto park.”

Newland says the power centers are Westcor and Kansas City, MO-based RED Development’s priority right now and selling land to single-family homebuilders. “We’re working on 350 acres plus the infrastructure to serve it,” he adds. “That’ll occupy our team’s time for years to come.”

Suite Six Architecture & Planning Inc. in Phoenix is the architect for the first phase. A general contractor has not been selected.