Recently, Formation Interests (“Formation”), Crescent Real Estate (“Crescent”), Willmeng Construction (“Willmeng”) and the City of Goodyear came together for the groundbreaking ceremony of Formation Park 10, a landmark industrial development, located at the corner of Bullard Ave and Celebrate Life Way in Goodyear, Arizona.
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 SF 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 2½ years ago to start an office in Phoenix and at the time, I didn't know anyone in this crowd,” recalled Herrin. “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.”
Jason Anderson, Co-CEO of Crescent stated, “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. 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.”
"We have every confidence that Formation and Crescent have secured an exceptional location within the growing and dynamic City of Goodyear,” said James Murphy, CEO of Willmeng. “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."
“This groundbreaking means a lot more to me than just putting a shovel in the ground for just this project,” said Formation’s Southwest Region Director, Mike Gilbert. “It’s really planting the Formation flag here in Phoenix, and we are committed to delivering a best-in-class product here in Goodyear.”
Goodyear Mayor Joe Pazzillo attended the groundbreaking ceremony and expressed his delight in welcoming high-quality businesses and developments to the city.
"Our pro-business climate continues to attract high-quality businesses and developments like this one, and we couldn't be happier about it,” said Pizzillo. “We are pleased to see that you have brought in Willmeng on this project, and we look forward to seeing this project complete.”
During the ceremony, Thomas Jarvis, Vice President of Pre-Lease Estimating and partner at Willmeng, emphasized the commitment to deliver excellence on this project. "It’s personal to the Formation team as well as the Willmeng team, and we are honored to deliver your first project in Arizona," Jarvis said.
Formation, Crescent and Willlmeng are pleased to work alongside the team at the City of Goodyear to deliver a best-in-class product for the area. Mike Gilbert noted, “We are excited that the City of Goodyear listened to us, believed in us and supported our mission for Formation Park 10.”
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