Two new retail centers are coming to Queen Creek, according to Phoenix-based Vestar.
Vestar, the largest privately held shopping center owner and manager in the western United States, announced this week bold new development plans to capitalize on Phoenix’s historic growth.
Queen Creek Crossing and Vineyard Towne Center, along with The Shops at Lake Pleasant, total more than 650,000 square feet of retail space at a combined development cost of nearly $90 million. Construction is slated to begin in late 2021 through early 2022.
“Vestar has always been a company with a very focused vision,” said David Larcher, president and COO of Vestar. “For the past several years we strategically held off on developing new projects and put our resources into revitalizing our existing portfolio and responding to current retail trends. We are confident that this is the right time and are the right markets for us to return to our roots as ground up developers.”
Each of the three new developments are located in areas that have experienced particularly rapid housing growth and expansion—with the Queen Creek area being one of the fastest growing urban areas in the nation and the metro-Phoenix area growing by nearly a million people since the last large shopping center was built.
The two Queen Creek developments are:
Queen Creek Crossing, a planned 31-acre property, featuring 300,000 square feet of retail. Groundbreaking is planned for June 2022, with opening planned in March 2023. Located at the northwest corner of Ellsworth Road and Queen Creek Road, Costco will anchor the project and feature a dynamic mix of retail and dining options.
Vineyard Towne Center in Queen Creek will begin construction in the first quarter of 2022, concluding at the end of that year. With 75,000 square feet targeted for the first phase, the 23-acre property at the northwest corner of North Gantzel Road and West Combs Road will feature a traditional retail mix of a specialty natural grocer, shops, services and restaurants.
“We have seen a resurgence of retail like never before,” Larcher said. “Customer traffic, sales and leasing activity are stronger than pre-pandemic levels. These developments will not only bring more jobs, needed services and entertainment to the Queen Creek and Peoria areas, but will also give our tenants the chance to capitalize on the unprecedented growth these communities are experiencing and where the retail infrastructure has not kept pace.”
Vestar is a privately held real estate company specializing in the acquisition, management and development of retail real estate, including entertainment-retail complexes, power and lifestyle centers and neighborhood centers of varying size and scale that serve as community shopping destinations. Founded in 1989, Vestar currently manages more than 30 million square feet of space in seven states throughout the western United States. For more information, visit www.vestar.com.
