As Goodyear continues to grow and a magnitude of businesses are choosing to make the city their home, the Canyon Trails Towne Center is proof of the West Valley’s economic development momentum.
The center’s newest project was recently finalized, when the city of Goodyear approved zoning for a 284-unit garden-style apartment community that will serve as a multihousing opportunity.
“The apartment or multifamily that is being developed, they have an amenity base that almost no other apartments will have in Goodyear because their walkability, the shops, restaurants and different things, Target included, is unmatched by another multifamily,” said Paul Sharp, senior vice president at TriGate Capital.
“We’re providing something in this community that really hasn’t been there before. And then overall, as those things feed off each other and they create more vibrancy, then more retailers and more services will want to come to the center. And I think therein lies how it benefits the greater community, because eventually we’ll be providing an even better product and even more services.”
This residential component will be developed by San Antonio-based Embrey Partners. This development within Canyon Trails Towne Center is on 13 acres that was originally planned for a Home Depot store.
After Home Depot decided not to build its store during the Great Recession, TriGate purchased the property from Home Depot and set the wheels in motion to create a mixed-use project.
Looking at Canyon Trails Towne Center today, it’s clear that it’s found success with the various large-name retailers, restaurants and amenities on the property.
However, this wasn’t always the case. In 2013, the 90-acre shopping center located at Yuma Road and Cotton Lane in Goodyear was struggling to attract new tenants after the Great Recession.
At the time, two key retailers had left the center and the project was facing an uncertain future.
However, TriGate Capital, a Texas-based real estate investment manager with more than $2 billion in assets focused on the recapitalization and repositioning of real estate across the country, saw potential in the project.
According to Sharp, the company recognized the center’s inherent long-term value in a growing market and was willing to take a chance on Canyon Trails Towne Center.
“At the time we bought this center, we owned around 11 or 12 other shopping centers within the Valley, the greater Phoenix area, so we had quite a large presence there. And we saw this as a great opportunity,” Sharp said.
“We liked the quality of the infrastructure. We knew eventually that Cotton Lane or the 303 would be tied into the 10, which would totally open this whole region up south of the 10. So, we really saw it as an opportunity to try to solidify some of the tendency while we could and wait for the connectivity of the 303. And when those things started to happen, then we started to see more demand.”
After purchasing the property in 2013, TriGate began repositioning Canyon Trails into a multifaceted center that would not only be great for retail but also provide mixed-use opportunities with much-needed housing to the area.
Eight years later, the project has seen major growth and continues to attract new revitalization opportunities.
“Working with the city of Goodyear in repurposing and transforming Canyon Trails Towne Center has been a team effort. The addition of multifamily by Embrey Partners is another milestone, and TriGate Capital will continue to work with the city of Goodyear to cement Canyon Trails Towne Center as a destination in the West Valley,” Sharp said.
Leasing activity at the center has been robust in recent months. Among the center’s list of current tenants are Target, Pottery Barn Outlet, Ross, PetSmart, Orangetheory, Club Pilates and Planet Fitness.
Recent lease signings include Wingstop and Tropical Smoothie Cafe. And there are more than half a dozen new restaurants, all national brands, in the planning stages with the city that will open in 2022.
David Malin, former vice president of development and acquisitions with Vestar and now CEO of Scottsdale Development Partners, has been a development consultant on the project since 2019.
He said the 90-acre center is now repositioned for the massive influx of new residents and opportunities coming to Goodyear and the West Valley.
“Canyon Trails is one of the great retail comeback stories of the past few years. Before TriGate stepped in, there were major issues. The center needed an experienced owner with a long-term business plan that would attract new tenants,” Malin said.
“What TriGate has been able to accomplish, having the staying power to weather the storm, adding so many new retailers and now creating a mixed-use project with the addition of the multifamily component, speaks volumes, and we are so happy to give this community the type of project it deserves. The comeback is not only a story for this property and Goodyear, but it speaks to great momentum in the entire West Valley.”
While Sharp acknowledged the success Canyon Trails Towne Center has seen, he added that there is more in the works to come as TriGate still has land to develop.
“Who’s not to say that there’s some other services that we’ll see the demand for that’ll serve the greater community,” Sharp said.
“Eventually when this is built out and whether that’s adding a hotel, which can be developed there, a specialty grocer to complement a Target, perhaps an entertainment use. All of these suburbs always wanted to have a shopping center with an urban feel. And I think eventually, this shopping center will become that, because it’ll be mixed use and it’ll have multifamily, it’ll have retail, it’ll have food, it’ll have entertainment, potentially hotel. It’ll be like its own little self-serving community within the community, and I think that’s really unique.”