West Valley community to get a new open-air shopping mall
Hoping to fill a retail and entertainment void in the far West Valley, developers Vestar and DMB Associates have announced a new open-air mall at Verrado Way and Interstate 10, at the entrance to the Verrado master planned residential community.
“This is the corner that will be happening in the West Valley,” said Dan Kelly, general manager of Verrado and DMB’s chief operating officer. “Everyone wants great retail, commercial and restaurants near them.”
Construction of the Verrado Marketplace shopping center is scheduled to begin in mid- to late 2023, with completion anticipated around mid-2024. The 50-acre complex will include more than 500,000 square feet of retail space and feature 50 to 60 stores, restaurants, theaters and other venues, said David Larcher, president and CEO of Phoenixbased Vestar.
The companies didn’t disclose which retailers might locate at the Verrado Marketplace, but Larcher said talks are ongoing. He indicated the project could create roughly 1,000 permanent jobs.
Entertainment theme important
The complex, though smaller, will have a similar feel to Desert Ridge Marketplace and Tempe Marketplace, two of Vestar’s other Arizona malls, Larcher said.
“It will be a destination place to shop, dine, go to movies, stroll or attend community events and activities,” he said. “The key is there will be a connection to the community, which we feel is really needed in the West Valley.”
Entertainment amenities at some of Vestar’s other malls include community group dance performances and evening concerts.
Vestar owns or manages 18 other shopping centers in Arizona and earlier announced three new malls for Queen Creek and Peoria.
In its current property portfolio, Verrado Marketplace will be the company’s first metro Phoenix shopping center west of Loop 303.
DMB is the master developer of the 8,800-acre Verrado community in Buckeye that was formerly a desert proving ground for Caterpillar Tractor. The first of Verrado’s 16,000 current residents moved into the area in 2004 but sales dropped during the real estate bust of a dozen or so years ago.
About half of the community is developed so far, with home sales jumping lately.
“After an explosion of residential growth over the past couple of years, commercial development is finally catching up,” Kelly said.
Banner Health and Abrazo Health both have announced hospital plans near Verrado Marketplace, and Costco is planning a store nearby, he said.
The Verrado master planned community has a certificate attesting to a 100-year assured water supply, Kelly said, adding that retail properties often use less water than manufacturing, residential or agricultural sites.