Originally Published: February 7, 2016 6:04 a.m.
PRESCOTT VALLEY - Fain Signature Group, a major development company in town, started grading a pad site in front of Kohl's along Glassford Hill Road for its newest project.
When complete in June, the multi-tenant structure approved by Prescott Valley's town council will be very similar to the buildings already running along that stretch.
It will be 6,664 square feet of leasable retail space broken up into four suites. One suite is designated to be a Starbucks.
The other three have not been officially filled yet, but the company is in discussion with several retail and restaurant owners, said Brad Fain, CEO of Fain Signature Group (FSG).
This is the last multi-tenant pad site directly in front of Khol's. However, FSG owns commercial property on both sides of Glassford Hill Road going down to about Bradshaw Mountain High School.
One such site is a less than one acre pad in front of Wal-Mart near the Maverick gas station. The Fains are working with a party now that may take that space.
"We plan to have that fully transacted on this year," Fain said late this past week.
Their focus will then shift to the 35,000-square-foot site between Kohl's and Wal-Mart.
"It's probably going to take two or three tenants to fill that up," Fain said. "We're aiming for mid-to-larger users."
In addition to those, the company is looking to fill some of the vacancies within the Entertainment District and perhaps fill a vacant pad located behind Wendy's within the Fry's neighborhood center.
"Based on the interest we get, we may also look into creating some new pads for some smaller users to get out onto Glassford Hill Road, which may be in the Entertainment District," Fain said.
The Fains have been working development in the center of Prescott Valley since the patriarch, Ron Fain, acquired a square mile of the area's land from the state in the late 1950s and early 1960s.
"He was really the visionary who planned out that Prescott Valley would someday need a downtown and started working over his entire career making that square mile the downtown," Fain said.
Much of that square mile still has yet to be filled.
"There's about 300 to 350 acres developed and about 350 acres of vacant land, so there's a lot of room to expand in downtown," Fain said.
Although the Fains are busy building the value of their land, Prescott Valley's growth is far reaching.
"We have very substantial boundaries within the Town of Prescott Valley, only a small fraction of which has been built on," Town Manager Larry Tarkowski said. "There is development interest on all compass points."
As far as housing goes, Granville to the north is about half way through its entire buildout; Glassford Heights just west of Granville will be adding about 3,600 new homes to the area; Stoneridge to the southwest has room to grow within its current development and may have room to continue development further south; Quailwood Meadows/Villas to the east has quite a bit of space to fill; and several other significant developments are working to expand as demand for housing continues to increase.
"Following the residential growth is commercial growth to serve that population," Tarkowski said.
These will likely come in the form of small neighborhood centers perhaps anchored by grocery stores, Fain said.
Follow Max Efrein on Twitter @mefrein. Reach him at 928-445-3333 ext. 1105, or 928-642-7864.