Vestar selected for retail component of Arizona’s largest urban commercial development

(Disclosure: Rose Law Group represents Vestar.)

By InBusiness Phx

Vestar, one of the leading privately held shopping center owners and managers in the western United States, announced that they have been selected as the primary property manager for the hospitality district within Novus Innovation Corridor, ‘Novus’. The groundbreaking 355-acre project is redefining urban mixed-use developments, creating a fully walkable, sustainable neighborhood destination, with nearly a quarter billion dollars in office, residential, hotel and retail developments already underway. The multi-phase project will take place over the next 10+ years and is located alongside Tempe Town Lake on Rio Salado Parkway and Rural Road. Fox Restaurant Concepts will anchor the hospitality district, Novus Place, with three signature concepts that are set to open in late 2024.

As property manager, Vestar will work alongside developer, Catellus Development Corporation and Arizona State University (ASU), playing a prominent role in the future of Novus. Initially, Vestar’s services will be exercised in two buildings: 777 Tower Retail and The Piedmont Retail, which will ultimately grow to over 100,000-square-feet of retail over the next few years. Novus Place is the urban core of the development, complete with shaded sidewalks, bike paths, parks, and pedestrian promenades.

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