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6/23/25
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Formation Interests plans to transform an existing seven-building, 338k sf office campus situated along the I-17 Corridor in north central Phoenix into FORMATION PARK 17, an innovative, 428k sf business park. The Class AA campus is being developed on a spec basis in a joint venture arrangement with Crow Holdings Capital, Comerica Bank and American National Bank of Texas.
FORMATION PARK 17 will consist of four buildings. Exterior design features include sleek vertical elements, eye-catching lighting, abundant parking, and direct Interstate visibility. The project will feature 32’ clear heights, 190’ truck courts, and expandable, ample power per building and will be delivered with turn-key speculative improvements including office space, full air conditioning, LED lighting, and dock packages.
Situated at the re-emerging intersection of I-17 and Peoria Ave, FORMATION PARK 17 sits adjacent to the $1 bil Metrocenter redevelopment and is proximate to TSMC’s new plant and Sky Harbor International Airport. Additional key off-site amenities include direct light rail access, abundance of restaurant options, picnic areas/green space and access to a growing population and robust labor pool.
FORMATION PARK 17 is scheduled for completion in Fall 2026 and is being constructed by Willmeng Construction Inc. The project represents Phoenix’s first transit-oriented industrial business park, according to the developer.
Formation was advised in the arrangement of the joint venture equity and construction financing by Cushman & Wakefield.
“Phoenix Metro’s industrial sector continues to perform extremely well, driven by superior market fundamentals and strong occupier activity and demand. Fitting exactly into its wheelhouse of delivering special urban development projects, the vision of Formation Interests to convert and redevelop this tired office complex into a premier first-of-its-kind, transit-oriented industrial park comes at an opportune time. The I-17 Corridor poses significant barriers-to-entry with industrial sites along I-17 severely limited. Additionally, vacancy in the area remains tight and new industrial construction is currently constrained,” said C&W’s Will Strong.
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