Deer Valley mixed-use project adds apartments, Aldi grocery store Article originally posted on Phoenix Business Journal on April 16, 2026 A mixed-use project in Deer Valley from Sunbelt Investment Holdings is progressing into its next phase with new apartments and an Aldi grocery store in the works. Bell 17 Business Center is located off Interstate 17, along Bell Road and 19th Avenue, and right across from the Turf Paradise racetrack. San Diego-based Sunbelt acquired the roughly 90-acre site through an Arizona State Land Department auction back in 2018, paying $26,500,000. The first phase included building out a 101,000 square-foot industrial flex office building at 2001 W. Phelps Road. That is now currently leased to two tenants: California Closets and All Fill, which is a packaging machinery manufacturer. The rest of the property is now set for six more industrial buildings, a multifamily project and some retail, according to a marketing brochure. The industrial buildings will range from 67,200 to 230,400 square feet. The timeline for building them out is unclear. But Sunbelt is now developing the multifamily portion, known as Sanctuair Deer Valley. The 363-unit complex will include one-, two- and three-bedroom units, along with townhomes, ranging from 737 to 1,802 square feet. It will take up 18 acres at the southwest corner of 19th Avenue and Phelps Road. The multifamily complex will include a variety of high-end amenities like a spa and cold plunge, large fitness center, pickleball courts and an outdoor putting green. The first units are expected to be completed toward the end of next year, according to a statement from Sunbelt. A grocery retailer also now has plans to set up shop within Bell 17. Aldi is planning to build a store after acquiring 2.37 acres for $1,950,000 at 21st Avenue and Bell Road from Sunbelt on April 10, according to real estate database Vizzda. Aldi could not be reached for further comment, though Sunbelt confirmed the grocer’s plans. The German grocer has been rapidly expanding in the Phoenix metro, and has gained market share in the past year. Sunbelt has two shovel-ready retail and restaurant pads for sale or lease that will be adjacent to Aldi, Brooks Griffith, vice president at Sunbelt told the Business Journal. CBRE’s Mark and Luke Krison are handling marketing and leasing for those pads. North Phoenix development boom The North Phoenix area is experiencing a development boom driven by TSMC Arizona, with developers planning a range of new industrial, retail and residential projects. Further up Interstate 17, Phoenix-based Vestar is planning to scoop up some parcels of state-owned land at upcoming auctions for its own mixed-used projects. Find Complete Article Here: https://www.bizjournals.com/phoenix/news/2026/04/15/sunbelt-deer-valley-bell17-multifamily-aldi.html?cx_testId=40&cx_testVariant=cx_9&cx_artPos=0#cxrecs_s