ARIZONA NEWS

Retail real estate company to develop 3 shopping centers in metro Phoenix

Oct 14, 2021, 7:00 PM | Updated: 9:50 pm

PHOENIX — The owner of numerous shopping centers in metro Phoenix plans to add three more to the Valley after a decade-plus break from ground-up retail development.

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

“We have seen a resurgence of retail like never before,” David Larcher, president & COO of Vestar, said in a press release. “Customer traffic, sales and leasing activity are stronger than pre-pandemic levels.

“These developments will not only bring more jobs, needed 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 feature 300,000 square feet of retail space, according to the release.

Groundbreaking for the shopping center is planned for June of next year with an opening date of March 2023.

The other planned Queen Creek shopping center, 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 first phase planned is 75,000 square feet filled with a traditional retail mix of shops, services, restaurants and a natural grocer.

The Shops at Lake Pleasant in Peoria will be located on 26 acres purchased from the Arizona State Land Department at Happy Valley Road and Lake Pleasant Parkway, according to the release.

Adjacent to another shopping center owned by the company, Lake Pleasant Towne Center, the new project is set to open late next year and provide 90,000 square feet of retail space.

Vestar also owns Valley shopping centers Tempe Marketplace and Desert Ridge Marketplace, both of which have been upgraded recently.

“For the past several years we strategically held off on developing new projects and put our resources into revitalizing our existing portfolio and responding to current retail trends,” Larcher said in the release.

“We are confident that this is the right time and are the right markets for us to return to our roots as ground up developers.”

The combined development cost of the three new shopping centers is nearly $90 million, according to the release.

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

(Twitter photo/@dougducey)...
KTAR.com

Arizona veterans organization to host Pearl Harbor Remembrance ceremony Tuesday

An Arizona veterans organization on Tuesday will honor the 80th anniversary of the deadly attacks at Pearl Harbor with a remembrance ceremony at the Wesley Bolin Memorial Plaza in downtown Phoenix.
23 hours ago
(Facebook Photo/Lucid Motors)...
Associated Press

Lucid Group, electric vehicle builder in Arizona, sees shares slide after SEC subpoena disclosure

Shares in the electric vehicle startup Lucid Group, which builds electric vehicles at a factory in Casa Grande, tumbled Monday after saying that said it had been subpoenaed by government regulators, apparently over the process by which it became a publicly-traded company last summer.
23 hours ago
16 x 9 The Pick...
Kevin Stone

Another The Pick lottery jackpot ticket sold at a West Valley Walmart

For the second time in less than two weeks, somebody who bought a lottery ticket at a West Valley Walmart is grinning after hitting The Pick jackpot.
23 hours ago
(Heidi's Village and Arizona Humane Society Photos)...
Kevin Stone

Several Phoenix-area shelters waive or reduce pet adoption fees for holidays

Several metro Phoenix animal shelters are offering free or reduced-price adoptions for a limited time as part of the Bissell Pet Foundation’s Empty the Shelters Holiday Hope Event.
23 hours ago
(Phoenix Police Department Facebook Photo)...
KTAR.com

1 man dead, another in critical condition following shooting in Phoenix

One man died and another was in critical condition following a shooting in Phoenix on Sunday evening, authorities said.
23 hours ago
A woman identified as Lilly Beeler is wanted by authorities in northern Arizona for allegedly shoot...
Kevin Stone

Woman allegedly robbed man at gunpoint in Arizona after they met on Instagram

Authorities in northern Arizona are searching for a woman who allegedly shot at a man and robbed him after they met through a social media site.
23 hours ago

Sponsored Articles

...
Sanderson Ford

Sanderson Ford offers cars and deals for all this holiday season

Sanderson Ford’s No! Vember Black Friday sale is giving an opportunity to purchase a new 2021 vehicle just in time for the holiday season.
...
ENVOQUE MD

Thyroid issues: Here are the warning signs and what to do

In a 100-person office in the United States, an estimated 12 co-workers, employees and loved ones, will likely develop a thyroid condition during their lifetime. That’s because, according to the American Thyroid Association, more than 12% of the U.S. population will experience thyroid issues.
...
PNC Bank

3 cool tips to turn everyday moments into learning experiences for your child

Early brain development has a crucial impact on a child’s ability to learn and succeed in school and life. Research has shown that 90% of a child’s brain is developed by age five.
Retail real estate company to develop 3 shopping centers in metro Phoenix