Verde Investments finalizes purchase of former Fiesta Mall site

Months after its developer received final zoning approval from the city of Mesa, the former Fiesta Mall site is now in the hands of a single owner.

BY JORGE RAMOS AND PAUL THOMPSON/PHOENIX BUSINESS JOURNAL

Mar 16, 2025, 5:45 AM

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Months after its developer received final zoning approval from the city of Mesa, the former Fiesta Mall site is now formally in the hands of a single owner.

What’s the Fiesta Mall update?

Verde Investments, the real estate firm owned by billionaire Ernest Garcia II – the richest person in Arizona – in February completed the final land transaction for the 80-acre site, now dubbed Fiesta Redefined, where it intends to develop a sprawling mixed-use development complete with 4,000 new housing units, up to 1.85 million square feet of retail and commercial space and over 500,000 square feet of open space.

The nearly $24 million acquisition of 34 acres at the site was recorded on Feb. 28, according to Maricopa County records and real estate database Vizzda.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.