Real estate company

Commercial real estate company to develop 3 malls in Phoenix metro

PHOENIX – The owner of many malls in the Phoenix metro area plans to add three more to the Valley after a more than a decade hiatus in retail development.

Vestar announced Tuesday that two new shopping centers are planned in Queen Creek and one in Peoria, areas that have seen rapid housing growth and expansion.

“We have seen a resurgence in retailing like never before,” said David Larcher, President and COO of Vestar, 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 will also give our tenants the chance 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, the statement said.

The mall’s grand opening is slated for June next year with an opening date of March 2023.

The other planned Queen Creek mall, named Vineyard Towne Center, is slated 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 retail, services, restaurants and a natural grocery store.

The Lake Pleasant stores in Peoria will be located on 26 acres purchased from the Arizona State Lands Department at Happy Valley Road and Lake Pleasant Parkway, the statement said.

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, both of which have recently been upgraded.

“Over the past few years, we have strategically suspended 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 these are the right markets for us to return to our roots as field developers.”

The combined development cost of the three new shopping centers is nearly $ 90 million, the statement said.

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