After years of planning it appears that the Kingman Crossing/I-40 Interchange will finally break ground in the near future. For Kingman grow sustainably without major traffic gridlock this interchange along with the Rancho Santa Fe exit are drastically needed in my opinion. In order to finance the much needed interchange, the City of Kingman recently entered into a development agreement with KX Ventures LLC. The LLC was updated on 8/10/2018 and has the Kingman Hospital Inc/ Brian Turney as the member and manager along developer Ron Ault. Their LLC is a Real Estate Development Agreement drafted by a lawyer out of Tucson. According to the accelerated development.com website Mr. Ault has, “0ver 25 years of experience int eh commercial real estate business developing over fifty shopping centers throughout Phoenix and Tuscon, Ron is adept in all aspects of the development process.” It goes on to say their company “Specializes in the the development of retail properties Ron has provided hands-on supervision to the entire development process, from design to marketing, through lease-up and final sale.” The LLC was created to facilitate the construction of the interchange and the supporting infrastructure. According to the city, the $23 million dollar project which will include both the interchange and the supporting road system will initially be paid for by the developer. In exchange, the developer will be reimbursed one half of the TPT sales tax (transaction privilege tax) generated through retail sales at the project site for the course of the next 25 years or until the initial investment has been recuperated. KX Ventures will develop the property north of the Kingman Crossing interchange as a retail and commercial center. The City of Kingman feels that the Kingman Crossing project has the potential to generate significant economic benefits to the city and that the interchange project must be competed no later than January of 2024.
The City of Kingman still owns 168 located south of the Interstate 40 Freeway (I-40) that are lots 2 and 3 on the map below of the Kingman Crossing. After a lot of contention, the city of Kingman will retain this property. The city acknowledges that they plan on developing the property over time is still has no immediate plans other than to improve infrastructure. The idea of a large park on this property has been floated around for years as well as a retention basin for storm water runoff.
According to a report from 2017 Applied Economics says that when fully developed the Kingman Crossing Project has the potential to generate $13.6 million in annual city sales and lodging taxes by 2035.
The City of Kingman is an important regional center for northwestern Arizona and is a major hub of transportation, commerce, and government administration. Residential development is occurring within Kingman with the largest concentration of growth occurring on the east side of the COK. The area is physically separated from the rest of COK by both I-40 and the Burlington Northern Santa Fe (BNSF) railroad tracks. The only way to access this area is provided by the Hualapai Mountain Road bridge (south of I-40) over the railroad tracks and the new underpass crossing of the BNSF tracks at Airway Avenue (north of I-40). In order to improve access to this area, a variety of roadway improvements are proposed in the Kingman Area Transportation Study (KATS). The I-40 Kingman Crossing traffic interchange is part of the recommended plan along with a new arterial street (Kingman Crossing Boulevard) that will eventually link Louise Avenue on the south to Airway Avenue to the north of the TI. Kingman Crossing TI and Kingman Crossing Boulevard are key elements in improving the regional traffic network to service the east Kingman area.
The land just to the north of this is owned by Bill Nugent but has recently gone into escrow to sale to Angle Homes who are purchasing the lots and have options on all the remaining phases of a total of approximately 1100 lots in 9 phases. In my opinion by tying up the land all around Kingman, Angle Homes is able to keep national builders and local builders out of the robust home market. They continue to dominate the local housing market in terms of permits pulled and homes sold compared to any other builders in the local market. For any sales information about Kingman Crossing or the Rancho Santa Fe Interchange please contact Justin Chambers of Chambers Realty Group at 928-716-0973 or email me at email@example.com