Formation and Crescent are partnering on the development in Arizona and selected Willmeng Construction as the general contractor. This is the first project outside of Texas for Formation, a development and investment company based in Dallas. Phase 1 of Formation Park 10 consists of 427,000 square feet across two buildings and includes a large, first-of-its-kind park to serve as an amenity for future tenants and the surrounding community.
Formation CEO Adam Herrin said his company chose the Goodyear site for the proximity to freeways, surrounding amenities, and the potential for growth in the area.
“We set out on a journey two and a half years ago to start an office in Phoenix, and — at the time — I didn't know anyone in this crowd,” Herrin recalled. “To be able to do this today and stand here in Goodyear with all of you is truly an honor and such an exciting time for me and the Formation Team.”
“Adam Herrin and Formation have spent the past two years assembling the right team, getting entitlements, and perfecting the design and planning for Formation Park 10," Co-CEO of Crescent Jason Anderson said. "We are thrilled to have exceptional partners on this industrial development project and are very excited to add Formation Park 10 to our expanding GP Invitation Funds portfolio.”
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"We have every confidence that Formation and Crescent have secured an exceptional location within the growing and dynamic City of Goodyear,” CEO of Willmeng James Murphy said. “With locations like this, the possibilities for speculative development are endless. The entire team has already achieved such success through many challenges, and we look forward to this project driving continued opportunities to build on this success."
Goodyear Mayor Joe Pizzillo attended the groundbreaking ceremony. "Our pro-business climate continues to attract high-quality businesses and developments like this one, and we couldn't be happier about it,” Pizzillo said. “We are pleased to see that you have brought in Willmeng on this project, and we look forward to seeing this project complete.”
