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Old Posted Mar 7, 2019, 5:31 PM
RonnieFoos RonnieFoos is offline
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Join Date: Nov 2013
Location: Phoenix, AZ
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Quote:
Originally Posted by ASU Diablo View Post
Whoah this came out of nowhere. I've always hated Mercado and glad it's getting razed. The BioMed Campus continues to grow and move south on 7th St

https://www.bizjournals.com/phoenix/...eloped-by.html
That's great news! I walk through there occasionally and it is such a dead zone, it's disgusting. Let's hope the city does it right and doesn't squander the opportunity.

Edit: Here's the full article:

Quote:
Once a dream project of former Arizona Gov. Fife Symington, the Mercado will eventually be razed to pave the way for future development.

Built by Mercado Developers — a partnership of Symington and the for-profit division of Chicanos Por La Causa — the 125,000-square-foot center opened in December 1989 as a Mexican-style shopping plaza that failed to attract and maintain tenants.

By 1999, Arizona State University bought the shopping center at Seventh and Van Buren streets for $9 million and has used it to house some classrooms as it expanded its downtown Phoenix campus.

As the Phoenix Biomedical Campus across the street — at the southwest corner of Seventh and Van Buren — has continued to grow, the master plan calls for eventually taking over the Mercado property, said Rick Naimark, associate vice president for program development planning for ASU.

By 2024, the property's ownership will transfer to the city of Phoenix, said Christine Mackay, economic development director for the city.

"In the future, we'll be working to redevelop all that property as much more dense," she said. "We're talking seven, maybe eight, years from now."

While the property functions well for ASU today, the Phoenix Biomedical Campus will be completely built out by then, she said.

Meanwhile, plans are in the works for development of a 7-acre parcel on the north side of the 30-acre biomedical campus, where Baltimore-based Wexford Science & Technology LLC is building a $77 million research center that will be anchored by ASU.

The 30-acre Phoenix Biomedical Campus has the capacity for 6 million square feet. So far, 1.6 million square feet have been built — housing Northern Arizona University, University of Arizona's medical school and the Translational Genomics Research Institute.

A Tripp-Umbach study released in 2014 showed the economic impact of the Phoenix Biomedical Campus was $1.3 billion, while UA's medical school had a $961.6 million impact.
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