Retail development firm Vestar is planning a 400KSF, $130M commercial center in Phoenix’s Laveen Village.
Laveen Towne Center will include a department store, entertainment outlets, specialty shops, restaurants and other associated uses on a historic farm site at the SWC of Dobbins Road and 59th Avenue. The 40-acre Towne Center development is part of a larger 90-acre site.
Design elements will focus on the area’s agricultural history, and Vestar plans to repurpose the historic Hudson Farmhouse, which, along with the surrounding area, could focus on restaurant or wine-centric operations.
Vestar will develop Laveen Towne Center in partnership with BRIO Investment Group. BRIO bought the site from the Arizona Department of Transportation in 2020. The project hopes to secure zoning and infrastructure approvals this summer, break ground in 2024 and open by the fall of 2025.
Phoenix City Council was expected to vote this week on an agreement to reimburse Vestar up to $25M for infrastructure improvements for the area, which would include improvements to Dobbins and 59th. The reimbursements would be paid annually and would be funded by sales taxes collected from the project and by development impact fees. (Source)
