Vestar and DMB Associates, the Developer of the Verrado master planned community, are teaming up to bring a $125 million upscale retail center to what will become one of the hottest intersections in the Valley. Construction of the Verrado Marketplace shopping center is scheduled to begin in mid- to late 2023, with completion anticipated around mid-2024.
Verrado Marketplace will be designed to complement the small-town neighborhood charm of the Verrado community with tree-lined, pedestrian friendly shopping area. Totaling more than 500,000 square feet of space, Verrado Marketplace will feature an upscale grocery store, apparel and home décor stores, a department store, movie theater, specialty shops, restaurants, and various services– similar to a great many commercial centers in the state.
Phoenix-based Vestar, the largest privately-held shopping center developer in the country, said Verrado Marketplace will be developed along the lines of Vestar’s Desert Ridge Marketplace and Tempe Marketplace. Developers say Verrado Marketplace is “poised to serve as a Town Center” and will include “large public outdoor spaces rich in amenities” that will serve as a “gathering spot” for visitors and residents of surrounding communities.
David Larcher, president and CEO of Vestar, said construction of the marketplace is scheduled to begin in the middle of 2023, with the opening set for the third quarter in 2024. The development will be located at the northeast corner of Interstate 10 and Verrado Way at the entrance to Verrado’s master-planned community.
Larcher said it’s too soon to name tenants, but that those discussions are taking place. However we do know that one of the biggest tenants will be In’N Out Hamburgers (see story HERE)
The marketplace is just one of several retail projects slated for the Interstate 10 and Verrado Way intersection. Developers said a Costco Wholesale is submitting plans to build a store at the southeast corner of the intersection, while Phoenix-based Banner Health has plans for a 330,000-square-foot hospital nearby. Plus, Tenet Healthcare also has plans for its own medical campus near the intersection.
“This is going to be the hottest intersection in the Valley — definitely in the West Valley,” said Dan Kelly, general manager of DMB.
As tenants are announced for the new center, we’ll post the updates here.
See the full story at AZ Big Media