Key Points:
- Project Overview: Cannon Beach in southeast Mesa is a $300M, 37-acre mixed-use surf and entertainment development anchored by Revel Surf’s 2-acre lagoon.
- Amenities Coming:
- 2 hotels (3-star and 150-room 4-star waterfront) with projected $12.8M annual revenue
- Retail, restaurants, 7-screen theater, pickleball courts, gym, and 10,000 sq. ft. med spa
- Existing tenants include It’s Boba Time, Live IV Hydration, Guru’s Indian Kitchen; upcoming include George’s Sports Bar, Color Me Mine, KTR-Indoor Action Sports Playground
- Economic Impact: Estimated $643M to Mesa over 20 years at $242 ADR; up to $899M at $400 ADR.
- Tenant Mix: Focus on local “mom-and-pop” shops for a unique, beach-town vibe; highest lease rate in Arizona at $75/sq. ft.
- Traffic & Employment: 1,000 daily visitors now, projected 3,000 when complete; jobs to grow from 80 to 755.
- Investor Angle:
- High-end hospitality will attract corporate and leisure travelers, boosting short-term rental demand nearby.
- Increased foot traffic may lift surrounding retail and residential values.
- Mesa’s population growth and California migration feed long-term rental demand.