(Disclosure: Rose Law Group represents Vestar.)
By Corina Vanek | Phoenix Business Journal
The owner of Desert Ridge Marketplace and Tempe Marketplace is betting that large-scale retail isn’t dead, it has just moved outdoors.
Phoenix-based Vestar has three open-air shopping centers under construction around the Valley, with two large-scale centers, planned to be similar to their flagship properties, in the works.
“For the first time in 10 years, we have three projects under construction and two to four in pre-development, breaking ground in the next three or so years,” said Jeff Axtell, executive vice president for Vestar.
During the past 10 years, over 1 million people have moved to the Phoenix area with almost no significant new retail development, he said. Retailers have looked to Phoenix for new store locations, unlike many markets across the country.