Commercial Real Estate Company to Develop 3 Shopping Centers in Metro Phoenix
PHOENIX — The owner of numerous malls in the Phoenix metro area plans to add three more to the Valley after a more than decade-long hiatus from retail development.
Vestar announced Tuesday that two new malls are planned in Queen Creek and one in Peoria, areas that have seen rapid housing growth and expansion.
“We’ve seen a resurgence in retail like never before,” David Larcher, president and chief operating officer of Vestar, said in a press release. “Customer traffic, sales and rental activity are stronger than pre-pandemic levels.
“These developments will not only bring more needed jobs, services and entertainment to the Queen Creek and Peoria areas, but also give our tenants the opportunity to capitalize on the unprecedented growth these communities are experiencing and where the retail infrastructure has not kept pace. ”
Queen Creek Crossing will be located at the northwest corner of Ellsworth and Queen Creek roads on a 31-acre property and will include 300,000 square feet of retail space, according to the release.
Groundbreaking for the mall is scheduled for June next year with an opening date of March 2023.
Queen Creek’s other planned mall, named Vineyard Towne Center, is set to begin construction early next year on a 23-acre property at the northwest corner of Gantzel and Combs roads.
The planned first phase is 75,000 square feet filled with a traditional mix of shops, services, restaurants and a natural grocery store.
The Lake Pleasant stores in Peoria will be located on 26 acres purchased from the Arizona State Department of Lands at Happy Valley Road and Lake Pleasant Parkway, according to the release.
Adjacent to another company-owned mall, Lake Pleasant Towne Center, the new project is expected to open late next year and provide 90,000 square feet of retail space.
Vestar also owns the Valley Tempe Marketplace and Desert Ridge Marketplace malls, both of which were recently upgraded.
“Over the past few years, we have strategically delayed the development of new projects and invested our resources in revitalizing our existing portfolio and responding to current retail trends,” Larcher said in the release.
“We are convinced that now is the right time and that we are in the right markets to return to our roots as land developers.”
The combined development cost of the three new malls is nearly $90 million, according to the release.