UPDATE: The area around the Lemmon Valley Walmart is rapidly becoming a hot spot for future development for the area.
“We bought a site in Lemmon Valley that’s approximately 99 acres of land. We definitely see Walmart as being an import part of anchoring this development,” said Capstone Advisors President, Alex Zikakis.
Residential development in the area has also made it an appealing spot to have retail. “With all the thousands of homes in this area being developed, all those people are going to need to go shopping,” said Zikakis.
It’s a lot of land and not all of it may go to use. “This is a multiple-year development. And we are taking it piece by piece as we find demand,” said Zikakis.
According to the owners, Capstone Advisors, the first phase which is a smaller complex, is being built right now. It's expected to be finished by next year.
After that is complete, the owners will then look toward the future.
“The next phase we come out of the ground will be multiple larger than this piece. And we will be targeting more of those bigger format users,” said Zikakis. "Both Home Depot and Lowes have been looking in the area. They would be a strong retailer we would talk to in the future. But we are not in negotiations with any of those right now,” said Capstone Advisors Vice President of Leasing Christie Parker.
A breakfast or take-out restaurant is also possible. "We are probably looking at like a Jersey Mike's or Firehouse Subs. Something along that line,” said Zikakis.
The next phase is not expected to break ground until 2021. As for the rest of the property, people will just have to wait and see what the end result will be.
Original Story: Lemmon Valley continues to be a hot spot for development. Not only residential, but commercial buildings as well. Residents are excited about the new 10,000 square foot shopping center going up across from the Walmart in Lemmon Valley.
“One of our biggest stores and revenue is Walmart. So being right close to the Walmart is great for the community. And I think it’s a great idea. It’s convenient for the people who live in the community,” said local resident Shirley Green.
Others are not so positive about the shopping center. “I’m not too happy about this,” said local resident Ritu Bhatia.
A construction worker involved in the building process told 2 News that the current plan is for the complex to have a Wing stop, Verizon store, restaurant with a patio, and credit union with a drive-up ATM. “You can see everything that you've never seen before or seen something you have seen before. It’s always like a hidden surprise that every one's been waiting for,” said local resident Jude Mcnerney.
It’s just a short walk through a side parking lot to get from Walmart to the new building. But some feel the trip to get to that parking lot has already become more difficult. “Because of the construction we have a one way lane. Because of that we have to wait really long. It’s crazy,” said Bhatia.
The timeline for the building is still unknown, but it appears primarily that the cement foundation has been laid. Now the question is, whether this business redevelopment and others will provide a foundation for more jobs and improve the economy in the area.
