PhoenixMart - Page 8

sh9730 · #**141** Posted **Feb 27, 2015, 4:27 PM**

The staff report for the requested P A D changes came out today - nothing exciting other than they want to officially change the P A D name to NALTEC (North American Logistics, Trade, and E-Commerce City) with Phoenixmart being the centerpiece of the P A D.

Otherwise it is really just a lot of document cleanup and I only post it here as an example of how complicated and how many moving parts a project like this can have.

http://www.casagrandeaz.gov/files/20...rch-5-2015.pdf

sh9730 · #**142** Posted **Mar 20, 2015, 5:24 PM**

SO, here I am with my monthly update on this project. Nothing more visible yet - but the grading is done (or nearly done) and according to the Mayor the city feels "more confident than ever" that this project will be completed.

http://www.trivalleycentral.com/casa...bf95ef5bd.html

They have issued the foundation building permit, and they are finishing up the fire safety plan and vertical building should start soon.

In the public speaking events lately the Phoenixmart principals have mentioned they are also awaiting final vetting from the Feds on the EB-5 participants, and as such are awaiting the final release of funding - but they expect that soon.

So, I cant imagine this project completing in 2015 now - more like early 2016.

The hurdles and delays are just downright frustrating.

sh9730 · #**143** Posted **Apr 8, 2015, 6:53 AM**

Phoenixmart Facebook page posted a pic and item that they started the foundation work today. I guess the first step in the process is to pour hundreds of concrete bases for the steel girders of the building and that is what they started today.

City Council approved a minor item related to this project last night just basically extending a contract for the fire consultants they have retained to figure out how to mitigate the fact that this building doesn't meet any current fire codes due to its size.

lichen89 · #**144** Posted **Apr 22, 2015, 3:46 PM**

Thanks for posting all of these sh9730. I heard that USCIS stoped approving EB-5 immigration petition to investors on this project since Aug 2014, mainly because the lack of progress. So funds cannot be released. I guess the company just needs to make something happen so that the USCIS will resume approving funding. What do you think?

sh9730 · #**145** Posted **Apr 23, 2015, 11:55 PM**

Lichen,

Well, I know there has been some holdup in the final EB-5 approvals, but I have NO information that it is due to lack of progress. There clearly has been continuous progress at many levels. VISIBLE progress is another matter - but there were crews out there today again moving some water lines in advance of the roadway improvements required for the project - the City Sewer project is absolutely moving forward, and other behind the scenes work is clearly being done.

No doubt though - without the final EB 5 approvals there will be funding delays. But, everyone I have talked with about it says this is just government in action and that the approvals will come soon. That could be a public face, but they are still spending quite a bit of money every day on marketing, site improvements, website upgrades (I saw some draft versions of the e-commerce site pop-up online the other day), Elizabeth Mann's website (project developer of Phoenixmart) just yesterday posted a blog entry about all the services the project will provide, they just announced the official signage provider for the project (a Tempe company I think) etc.

Of course some of these things are just fluff, but others are relatively expensive - my point being if the principals really didn't think it would never get complete funding they wouldn't bother with all this right now.

P S - also, I did see that the Pinal Board of Supervisors did send off a letter of continued support for the project to the EB-5 office - so political pressure to finalize the approvals is apparently being applied.

lichen89 · #**146** Posted **May 2, 2015, 4:04 AM**

Thanks sh9730, anything new about the project this couple weeks?

sh9730 · #**147** Posted **May 2, 2015, 5:25 AM**

Lichen,

Not really - they are coming to City Council in a couple of weeks for another PAD amendment - but the details as to what they want to amend are not public yet.

Then this article was posted today:

http://cronkitenewsonline.com/2015/0...n-casa-grande/

Nothing really new here - just more affirmations from all involved that this project WILL happen.

sh9730 · #**148** Posted **May 19, 2015, 4:21 AM**

So, per the City Planning Director tonight when asked by a City Councilmember "What is happening next on this project?" (the Council had just approved a series of mundane P A D adjustments) - the Director answered "we are very very close to issuing a foundation permit".

That's all I know - lots of things still happening on a lot of fronts, but the most important thing is getting the EB-5 approvals they had been promised.

In the meantime though they are still planning, and spending money on all sorts of aspects of the project.

lichen89 · #**149** Posted **Jun 11, 2015, 6:56 PM**

What do you think about the mayor "is not sure if a 2015-16 time frame for completion is realistic." <http://www.trivalleycentral.com/casa_grande_dispatch/area_news/mayor-gives-rec-center-phoenixmart-updates/article_bc9a327a-fd6d-11e4-b8ed-8bde510b5bd5.html> and they took down the photo of the backhoe supposedly digging the footers for the steel columns?

sh9730 · #**150** Posted **Jun 12, 2015, 12:36 AM**

Its all about the EB-5 program now. I have no idea why the government is holding up these approvals. Could be internal US/China politics are getting in the way since a majority of the investors using the program for this project are Chinese. Noone seems to be answering that question.

Meanwhile they ARE moving behind the scenes. The final landscape design was approved last week by the city, and the building permit will be issued soon. They are about to open the "welcome center" which is in the old Tanger mall location, and there was another article in the paper today about the project moving forward.

But without that EB-5 money this will never come to fruition.

rocksteady · #**151** Posted **Jun 16, 2015, 9:39 PM**

Quote:

Originally Posted by sh9730

Its all about the EB-5 program now. I have no idea why the government is holding up these approvals. Could be internal US/China politics are getting in the way since a majority of the investors using the program for this project are Chinese. Noone seems to be answering that question.

Meanwhile they ARE moving behind the scenes. The final landscape design was approved last week by the city, and the building permit will be issued soon. They are about to open the "welcome center" which is in the old Tanger mall location, and there was another article in the paper today about the project moving forward.

But without that EB-5 money this will never come to fruition.

Just like everyone suspected originally with this project. Not surprised in the least.

ASU Diablo · #**152** Posted **Jun 17, 2015, 4:38 PM**

Quote:

Originally Posted by rocksteady

Just like everyone suspected originally with this project. Not surprised in the least.

This article paints a different picture and expects funds to be released anytime soon. They point to a backlog of exchanging capital investments for visas.

http://azbex.com/phoenixmart-expecti...ease-of-funds/

Obadno · #**153** Posted **Jun 17, 2015, 4:59 PM**

Quote:

Originally Posted by rocksteady

Just like everyone suspected originally with this project. Not surprised in the least.

Well you have a couple things:

1. Geopolitical issues in South China Sea
2. State V. Federal shenanigans (ID's etc) the feds might be slow rolling it just because we are a "bad" state. Don't put it past beurocrats and politicians to play petty games like that.
3.Any internal issues with china that we have no idea about.

I think its great and we should do our best to get more Chinese money here (they cant take housing and buildings with them) but at any point things could get shut down because of international tension.

lichen89 · #**154** Posted **Jun 17, 2015, 7:49 PM**

Funds invested before August 2014 are released already. Since then they stopped approving green card so millions are still being hold back.

This is very uncommon among all EB5 projects since the average approving time are 13.4 month. I know some people who invested 18 months ago on Phenixmart have not get their petition approved.

lichen89 · #**155** Posted **Jul 6, 2015, 5:49 PM**

Hands down.

This company and its project are jokes.

Just look at this: http://www.glassdoor.com/Reviews/AZ-...ws-E437919.htm

sh9730 · #**156** Posted **Jul 18, 2015, 5:06 PM**

Just when you think this thing is dead in the water - they do something to give hope again. Article in this morning's paper (not online yet) that they will have "hundreds" of cement trucks rolling in this week to get the foundation poured for the main structure.

I always come back to the idea that if it really IS NOT going to happen, they sure have spent, and continue to spend, a lot of money....why would they if it is all a sham.

I think they just didn't plan well, and then whatever this EB-5 holdup is really set it back.

sh9730 · #**157** Posted **Jul 19, 2015, 12:44 AM**

CEMENT WORK STARTING AT PHOENIXMART (from CG Dispatch):

http://www.trivalleycentral.com/casa...7a50e885a.html

Hundreds of cement trucks will be filing into the 585-acre PhoenixMart site in the next five weeks to finish laying foundation for the Casa Grande project.

Chief Operating Officer Steve Gardner said 780 massive concrete footings will be poured and it’s the first step in more progress to come for PhoenixMart.

“There should be nonstop activity from here on out,” he said.
Much of the $150 million needed to build the main hub of PhoenixMart is still in limbo with the U.S. Citizenship and Immigration Services’ EB-5 visa program. Gardner said the company has found alternative funding sources, such as bank loans, to move the construction phase forward.

He said the company still expects to receive the money foreign investors put into the USCIS visa program but will continue exploring other funding options.

The physical development of the site is expected to draw more interest from companies that could potentially lease out one of PhoenixMart’s 1,740 business suites at the site east of Interstate 10 along Florence Boulevard.

“Interest certainly picks up when there is visible construction,” Gardner said.
About 1,000 suites remain unfilled and the company has given itself until the end of 2015 to finish leasing all of them. Gardner said leasing agents are becoming better equipped at explaining PhoenixMart’s “convergence” concept and are confident they’ll meet their leasing deadline.

Construction is expected to move vertically by late October and the main wholesale trading center is scheduled for completion by mid-2016.

The opening of the PhoenixMart welcome center located near Interstate 10 and Jimmie Kerr Boulevard has not yet been confirmed. Officials of parent company AZ Sourcing will be meeting in the coming days to decide how they want the center to present the PhoenixMart concept.

sh9730 · #**158** Posted **Jul 21, 2015, 3:32 PM**

Video of actual construction - finally.

https://www.youtube.com/watch?v=OjVXq5Ss66g

Obadno · #**159** Posted **Jul 21, 2015, 4:23 PM**

Quote:

Originally Posted by sh9730

Video of actual construction - finally.

https://www.youtube.com/watch?v=OjVXq5Ss66g

Awesome! bring in those Chinese dollars they cant take real estate with them!

combusean · #**160** Posted **Jul 21, 2015, 7:26 PM**

Quote:

Originally Posted by sh9730

Just when you think this thing is dead in the water - they do something to give hope again. Article in this morning's paper (not online yet) that they will have "hundreds" of cement trucks rolling in this week to get the foundation poured for the main structure.

I always come back to the idea that if it really IS NOT going to happen, they sure have spent, and continue to spend, a lot of money....why would they if it is all a sham.

I think they just didn't plan well, and then whatever this EB-5 holdup is really set it back.

The Phoenix area has a recent history of projects that were started but never finished. A lot of cities had their notable unfinished structure--Elevation Chandler, that 3 story thing near Scottsdale and Camelback, what became West 6th in Tempe, Phoenix had that massive rubble pile of the old Mountain Bell building and a two story shell in the Biltmore-ish area.

The financing on PhoenixMart is shaky at best, and the company is obviously crooked from their glassdoor reviews. None of this bodes well for project completion.