Transatlantic expansion is one of the most popular methods of growth among major European corporations. However, in spite of the regularity with which the journey is made, there are still challenges when it comes to selecting a site.
PV303, a 1,600-acre master-planned business park, is home to a number of internationally recognised corporations, and is emerging as one of the fastest-growing development zones in the western US. The site offers companies – particularly those from Europe – strategic access to major US ports and rail systems, designated foreign trade zone benefits, shovel-ready sites, and a high-profile location along two major transportation corridors.
Ready for business
The park is strategically situated to serve key western US markets, such as the ports of Long Beach, Los Angeles and San Diego, as well as El Paso and Las Vegas. The unique location also provides a high-speed route into and out of the area, bypassing metropolitan area traffic congestion and making it an ideal location for companies that transport large volumes of merchandise within and between states.
PV303’s approved foreign trade zone status provides special customs procedures for US plants engaged in international trade-related activities. This status makes it an attractive opportunity for major companies, in that it offers benefits that include reduced tax assessments, lower operating costs, reduced supply chain time, and improved cashflow.
PV303 is emerging as the interchange of business in Arizona and the western US. The business park offers companies everything they are looking for: a high-profile location; shovel-ready sites; infrastructure; incentives; deep, highly qualified labour pools; unmatched amenities; and – perhaps most importantly – business-friendly policies.
A business-friendly environment is a boon to companies looking to expand or locate operations within the US. PV303’s home state of Arizona also boasts the lowest unemployment insurance tax in the nation, as well as status as a right-to-work state. What’s more, the area offers fast-track permitting, at 90 days or less throughout the region.
Bright future
A talented and productive workforce lives in the immediate metropolitan area, while freeways put PV303 within an hour of all 3.8 million workers in the state. In fact, CNBC rated Arizona’s workforce higher than any other state in terms of training, quality and availability of workers, and this was achieved with some of the lowest costs of labour in the US. The city of Goodyear, where PV303 resides, has a diverse population. Over 85 percent of heads of households are college-educated, and 56 percent have degrees. And the workforce is growing; with around 4.6 million people, Greater Phoenix’s population is expected to double over the next two decades.
Major corporate users are already taking advantage of all PV303 has to offer. The park is currently home to a 440,000 sq ft SubZero manufacturing and distribution facility, as well as a 720,000 sq ft Dick’s Sporting Goods distribution centre. SubZero has already achieved great things with its facility, with the company having recently kicked off construction of a 250,000 sq ft expansion on its existing footprint.
In summer 2015, REI purchased 34 acres in the park. Shortly after, the international recreation retailer began construction on a 400,000 sq ft state-of-the-art omnichannel facility that will service the western US. The property was recently completed, and will be fully operational by August.
Most recently, Chicago-based First Industrial Realty Trust purchased a 74-acre land site within the PV303 business park, and plans to develop over one million sq ft of state-of-the-art industrial space. This project is scheduled to break ground this summer, and will attract major users actively looking in the market.