By Vestar
DMB Associates is partnering with Vestar to develop a $125M shopping center at Verrado’s entrance in Buckeye.
To be called Verrado Marketplace, the retail center at the NEC of Interstate 10 and Verrado Way is expected to begin construction by the middle of 2023 and open during the third quarter of 2024, said David Larcher, president and CEO of Vestar.
It will be developed along the lines of Vestar’s Desert Ridge Marketplace and Tempe Marketplace, with restaurants, retail and large public outdoor spaces rich in amenities to serve as a gathering spot for surrounding communities, he said.
It’s too soon to name tenants, he said.
Costco, Banner, Abrazo All Ready to Build
That entire intersection is poised for huge development, with Costco Wholesale submitting plans to build a store at the SEC of Verrado Way and I-10, while Phoenix-based Banner Health plans to build a 330KSF hospital at the NWC of Verrado Way and I-10 on 62 acres it bought from DMB for $21M in 2007.
In December, Tenet Healthcare Corp.’s Abrazo Health paid $9.7M for a 27-acre parcel at the SWC of Verrado Way and I-10 to develop its own medical campus.
Verrado, an 8,800-acre master-planned community that began sales in 2004, now has 6,000 homes, but there isn’t much retail in the area, Kelly said.
The area has been underserved not only by commercial retail but probably underserved by quality commercial retail, Kelly said.
Larcher said he had identified this site several years ago for a signature Vestar development.
This is Vestar’s first project in the West Valley since developing a traditional big box center at Interstate 10 and Watson Road, which Vestar sold in 2013, said Jeffrey Axtell, executive VP and regional manager for Vestar. (Source)
Editor’s Note: Various media reports place the size of the complex at 50-acres and estimate a total retail space volume of more than 500KSF with 50-60 stores. Construction is expected to begin in mid-to-late 2023.