A publicly traded real estate investment firm and a Delaware-based owner of coin-activated games are teaming up to build pizzaand-entertainment parlors around Arizona.
Elmer Schmitz said he will build the first Prize Pizza on the southwest corner of University Drive and the Loop-101 in Tempe. Palomar Enterprises, a Nevada-based real estate investment company, said it is funding a joint venture with Schmitz to build Prize Pizzas in several Western states.
Schmitz said he chose the Tempe site for his first eatery because he has a second home in Scottsdale, and eventually he hopes to move his business headquarters to the Valley.
"I like the market, and I like the concept, and my wife and I want to spend more time in Arizona," he said.
Prize Pizza has its Tempe use permit and is in the process of getting building permits, which should open by Dec. 1, Palomar Enterprises said in a statement announcing the plan.
It is planned as an all-youcan-eat pizza buffet with a game section similar to local Peter Piper Pizza shops, Schmitz said. A family of four should be able to dine at a Prize Pizza for less than $25, excluding any gameplaying, he said.
If the Tempe eatery is a hit, Schmitz plans to build 15 to 20 more around Arizona before heading to nearby states.
He said his other privately owned businesses supply restaurants, stores and casinos with coin operated games similar to those he will use as the centerpiece for his Prize Pizza shops.