UPDATE:
- On July 18, Buckeye City Council approved the development agreement with Vestar for a mixed-use retail, dining, and entertainment center in the community and southwest valley located at the southeast corner of North Verrado Way and West McDowell Road, covering approximately 48 acres.
- The city will reimburse Vestar up to $3.7 million for the provided public amenities, based on performance, ONLY IF CONSTRUCTION BEGINS BY JULY 1, 2025, AND COMPLETE BY DECEMBER 31, 2027. [Note: Vestar still believes it will start construction in 2024, with an anticipated opening in late 2025.]
- In addition to the retail center, Vestar will provide public benefits, including a 2,000-square-foot police substation for 20 years, an event plaza for city events, and other amenities.
- The names of tenants could not be shared at this time.
ORIGINAL STORY:
A new shopping, entertainment, and dining center, the Verrado Marketplace, is generating buzz in Buckeye. Developed by Phoenix-based Vestar and Scottsdale-based DMB Associates, the $125 million project aims to become a vibrant retail destination. Located at the northeast corner of Interstate 10 and Verrado Way, the 48-acre Verrado Marketplace will be the entrance to the renowned 8,800-acre Verrado community and add 1500 new jobs to our area.
Key Details:
- Planned development: Verrado Marketplace, a $125 million project in Buckeye.
- Developers: Phoenix-based Vestar and Scottsdale-based DMB Associates.
- Location: 48-acre site at the northeast corner of Interstate 10 and Verrado Way.
- Proposed tenants: Potential high-profile names include Harkins Theatres, Target, HomeGoods, Marshalls, Ross Dress for Less, and Total Wine & More.
- Project timeline: Groundbreaking planned for summer 2024, with an anticipated opening in late 2025.
- Planned amenities: The Verrado Marketplace will encompass 500,000 square feet of mixed-use space, featuring leading apparel, home furnishings, personal care brands, a state-of-the-art theater and entertainment concept, diverse dining options, a grocery store, and neighborhood services.
- Economic impact: Estimated to generate 1,500 permanent jobs and bring $50 million in revenue to Buckeye over the next decade.
- Additional features: The marketplace will provide gathering spaces, including a public plaza with outdoor fireplaces and a performance venue.
- Community benefits: Vestar plans to provide a 2,000-square-foot police substation at no cost to the city for 20 years, along with other infrastructure investments.
- Inspiration from past success: The Verrado Marketplace follows the development model of Vestar’s successful projects like Tempe Marketplace and Desert Ridge Marketplace.
- Growth in the area: The four corners surrounding the major intersection have experienced significant development, including a recently opened Costco store and plans for a 27 acre Abrazo Health hospital campus, and a Banner Hospital directly across from Verrado Marketplace.
- Buckeye Commons: Retail center totaling 411,000 square feet set to anchor by the new Costco store
- Verrado Marketside Center: Dutch Bros Coffee, Jersey Mike’s Cold Beer& Cheeseburgers, Cafe Zupa, and others have already opened or will be opening by the fall 2023.
- Leasing efforts: Ryan Desmond, Charles Skaggs, and Justin DiBiase of Western Retail Advisors are leading the leasing efforts for the Verrado Marketplace.
Stay tuned to VerradoWay.net for more updates as the Verrado Marketplace continues to shape the future of Buckeye, bringing jobs, retail options, and a dynamic community space for residents, although it will be nice to see less big chain store operators and more diverse independent and local retailers and restauranters come to our wonderful Verrado community. We are excited that there is expected to be daily and nightly entertainment of all forms in the public performance spaces being integrated into the Marketplace.
Verrado_Marketplace Site Plan