A Gilbert-based real estate firm is proposing to develop a nearly 1,200-acre business park in Pinal County, adding to the vast amount of land available for industrial and commercial development south of Phoenix.

The massive property is located in Eloy, a city of nearly 20,000 people, with a few miles of frontage along Union Pacific rail line just south of the Interstate 10 and Interstate 8 intersection about halfway between Phoenix and Tucson.

The property, called Interstate 10-8 Business Park, will also sit between the Lucid Motors campus to the far west and Nikola Corp.'s plant to the east and serve as Eloy's first large, "top-tier" industrial park, according to documents submitted to the city.

"We are working with the town of Eloy to make sure the zoning and entitlements are in place so we have shovel-ready product for users that would like to have Eloy as a choice," said Kevin Petersen, the president of Petersen Properties & Management Inc., a Valley real estate and property management firm and master developer of the park.

Petersen Arizona Land and Entitlement Fund, an entity connected to Petersen Properties, recently submitted an application to the city to change the existing planned area development for the business park. If approved, the amendment to the previously approved PAD will add 574 acres to the park and rezone the site from light industrial to general industrial. This will add to an adjacent 618 acres that are already zoned for general industrial uses.

Eloy's planning commission is scheduled to hold a public hearing on the application Sept. 21. After Council approves the changes, Eloy will propose a development agreement between the city and developer, documents submitted to the city say.

"Given PALEF and the city of Eloy's partnership and joint vision for a highly operable and distinguished business park, the property is subject to expedited and administrative level reviews," documents said, adding that this would allow the city to prioritize amendments and subsequent applications.