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October 27, 2021
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Vestar to Develop Trio of New Phoenix Area Retail Centers


Vestar has plans to develop three new Phoenix retail centers — Queen Creek Crossing, Vineyard Towne Center and The Shops at Lake Pleasant. The projects total over 650k sf of retail space at a combined development cost of nearly $90 mil. Construction is slated to begin in late 2021 through early 2022.

In recent years, Vestar has focused on, and invested in, updating and refreshing its mixed-use and lifestyle properties, including The Gateway in Salt Lake City, Utah and Desert Ridge Marketplace in Phoenix, Arizona. Three additional properties, Tempe Marketplace in Tempe, Arizona, District at Tustin Legacy, in Tustin, CA and Long Beach Towne Center in Long Beach, CA, are all currently undergoing multi-million-dollar renovation projects. The upgrades include the addition of state-of-the-art LED screens, interactive and public art spaces, improved landscaping, signage and more.

Each of the three new developments are located in areas that have experienced particularly rapid housing growth and expansion—with the Queen Creek area being one of the fastest growing urban areas in the nation and the metro-Phoenix area growing by nearly a million people since the last large shopping center was built.

About The Developments:

Queen Creek Crossing in Queen Creek, AZ is a planned 31-acre property, featuring 300k sf of retail. Groundbreaking is planned for June 2022, with opening planned in March 2023. Located at the northwest corner of Ellsworth Rd and Queen Creek Rd, Costco will anchor the project and feature a dynamic mix of retail and dining options.

Vineyard Towne Center in Queen Creek, AZ will begin construction in Q1 of 2022, concluding at the end of the year. With 75k sf targeted for the first phase, the 23-acre property at the northwest corner of North Gantzel Rd and West Combs Rd will feature a traditional retail mix of a specialty natural grocer, shops, services and restaurants.

The Shops at Lake Pleasant in Peoria, AZ. After purchasing 26 acres from the State Land Department, Vestar will develop approximately 90k sf of retail space. The Shops at Lake Pleasant is scheduled to open late 2022 at Happy Valley Rd and Lake Pleasant Pkwy, adjacent to another shopping center the company developed several years ago, Lake Pleasant Towne Center.

“We have seen a resurgence of retail like never before,” said David Larcher, President and COO of Vestar. “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.”

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