US-based real estate company Thompson Thrift has begun work on master infrastructure upgrades and approximately 35,000ft² of standalone and multitenanted retail space in Phoenix, US.

Last year, the company acquired a 30-acre parcel near the new Taiwan Semiconductor Plant in northern Phoenix.

Thrift purchased the parcel to develop a mixed-use project, which will feature on-site luxury apartment homes and retail space.

The retail centre will occupy six of the 30 acres of land.

The property is situated nearby Interstate 17 at the south-west corner of Dove Valley and the recently permitted 29th Avenue junction.

The company intends to build 224 apartment units on an 8.5-acre site close to the retail centre.

Thompson Thrift Commercial's managing partner Ashlee Boyd said: “The property is advantageously situated along a main growth corridor in the north Phoenix area.

“We think the combination of location, strong demographics and high-quality construction have generated significant leasing interest and will make this a standout addition to this growing market.”

Residents are expected to begin moving in at the mid-2024 period.

The remaining acres of the site will be left undisturbed as part of the Skunk Creek Wash nature preserve, which will include pedestrian facilities and jogging trails from Dove Valley south to Sonoran Desert Parkway.

Thrift’s design proposal includes a pedestrian link to the preserve’s trail, along with additional community facilities such as volleyball courts and open space for yard sports.