Tuesday, October 12, 2021 / by Juan Grimaldo
Phoenix retail developer plans 3 new shopping centers on both sides of the Valley
Phoenix-based shopping center owner and manager Vestar is planning to build three new shopping centers, two in Queen Creek and one in Peoria, after a 13-year break from ground-up development.
“All three of these projects are in very rapidly growing areas of the Valley,” Vestar President and COO David Larcher said. “Queen Creek has been particularly strong. We developed Queen Creek Marketplace there about 13 years ago, and we are fully leased at that project, and Queen Creek has continued to grow significantly since then.”
In total, the three centers will cost about $90 million to develop, Larcher said. The first two, named Vineyard Towne Center in Queen Creek, which will be 75,000 square feet, and the Shops at Lake Pleasant in Peoria, which will be 90,000 square feet, will begin construction in the first quarter of 2022. The third, and largest of the three, named Queen Creek Crossing, will total 300,000 square feet, and begin construction in the second quarter.
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By Corina Vanek, Reporter - Phoenix Business Journal