The future of Lakeview Plaza
Commercial real estate waiting to be filled
Now that grading is nearly complete on the back corner of Lakeview Plaza, the developers of the 15-acre parcel are looking forward to filling the space with commercial users.
Already situated on the property — located at the intersection of Willow Creek and Willow Lake roads — is a McDonald’s and CVS.
For the past eight months, the developers of the land have been struggling to flatten the parcel in a timely manner. Difficulties with contractors, machinery and weather have delayed the project, causing some recent upset in neighboring communities and testing the patience of the city, which has had to extend the grading permit several times.
“We’re sorry about the way the project looks with the stockpiled material, it’s embarrassing for us too,” said Ken Marbarak, manager of the development.
In the next 30 to 45 days, however, he expects the grading to be complete and is hopeful the stockpiles of crushed rock will be cleared out.
“Once it’s all cleared away, you’ll be able to see the opportunity that is there,” Marbarak said.
If all goes as planned, a large commercial user such as a hotel, grocer or department store will eventually fill the back corner they’ve been clearing out.
“It’s a good spot for something large like that,” Marbarak said. “It can ultimately accommodate 100,000 to 150,000 square feet of commercial use.”
Along the frontage of Willow Creek and Willow Lake roads is additional space intended for smaller businesses.
Though he can’t unveil what company it is quite yet, Mabarak said he just signed a deal with a national company on one of those front parcels.
“They’re out in Prescott Valley and they’re putting another store here in Prescott,” Mabarak said. “It brings a lot of traffic and will be a great service to the community.”
The deal is currently in escrow.
Attracting businesses to Prescott has proven difficult overall, Mabarak said. “It’s a hard community to get retailers and commercial people to come to,” he said.
He remains optimistic, however.
“We’re not seeing a lot of large companies coming here, but I think we will,” Mabarak said. “We have so much of the recreation and we have Embry-Riddle Aeronautical University. We’re also looking at the Deep Well Ranch deal. That’s why we wanted to be there, because we knew all of this activity would take place in the northern part of town.”