602-743-5100
Jennifer@Srock.net
October 2012 PhoenixMart Rumors
I recently spoke with former City of Casa Grande councilman and current candidate for Pinal County Supervisor, Steve Miller. He has been keeping in touch with the Pres. of AZ Sourcing who is behind the PhoenixMart project.
The EB-5 immigrant investor program I’ve discussed in my blog posts have been fulfilled by the Chinese which is the part of the story most of the public is hearing that may be taken out of context. PhoenixMart rumors have it that the project has met the funding requirements. However, the project was not just being funded by the Chinese. As I mention in the blog, only 1/3 was coming from the Chinese. Another 1/3 was to come from the U.S. and another 1/3 from Europe.
It is typical for people of the U.S. to wait until after an election to make any major financial decision. A small portion of the 1/3 needed from the U.S. is there but, there’s speculation the rest wouldn’t come until some time after the election.
The other issue is the 1/3 coming from Europe. With the European economic crisis, there aren’t many investors to fill the 1/3 needed to fund PhoenixMart at this time either.
Although permits are being Steve miller put it, ” I wouldn’t hang my hat on PhoenixMart. I don’t see it going away. I just don’t see it in the near future”. He goes on to explain that the government timeline for the EB5 program doesn’t begin until ground breaking. To begin construction, all investors MUST be in place for them to break ground.
The lack of certainty in today’s economic markets is going to be the cause of further delay of PhoenixMart.
I have recently noticed that the Phoenixmart web page is no longer running. In light of your update of Octover 2012, is this an indication that Phloneixmart has failed to get sufficent investors to open. If so what will be the impact of this on the housing market here in Casa Grande?
Thank you for sponsoring this page.
I’m not sure which Phoenix Mart website you were going to but, it has not gone down. You may have been referring to the video I had posted. For some reason, it did go down. I have replaced it with another though.
Phoenix Mart just recently attended the global convention for the shopping center industry with over 30,000 attendees.
Phoenix Mart is really going to put Casa Grande on the map. I do believe it will have an impact on the housing market here in Casa Grande. We already have a low supply of inventory. We will need more builders.
Maybe it is about time for someone to publish the truth about the actual number of “investors” they have and the number of companies who have committed to setting up business in Phoenix Mart. We are about 2 years into this “development”. The success of Phoenix Mart will only rival their success in leasing businesses at the Outlets at Casa Grande, their other “development”.
The investors going through the EB-5 program are not able to invest until approved by the government. This was part of the hold up until this month. These EB-5 Visas are now slowly coming through as approved. I hope that we will have an update on the actual number of investors in the near future. I also don’t expect to have much adoption from businesses as of yet because ground hasn’t even broken. I’m sure we will start hearing much more by October of this year which is when they expect to have broken ground.