![]() Responding to a shifting Phoenix metro area population growth, a well-known Arizona developer is making plans to build two new shopping centers in Queen Creek, and a third in Peoria. Queen Creek is 37 miles to the southeast of Phoenix, while Peoria is 13 miles to the northeast of Phoenix. Both cities have seen a double-digit increases in their populations in the last decade. Tracking that growth, the Phoenix-based retail space developer Vestar has announced plans to build a 75,000 square foot shopping center in Queen Creek, to be called the Vineyard Towne Center, as well as a 300,000 retail space called Queen Creek Crossing. The Peoria project will be called the Shops at Lake Pleasant and will measure around 90,000 square feet. Work on the two Queen Creek projects is slated to begin by next spring, with the Peoria project set for construction sometime in the first quarter of 2022. The total building cost for all three shopping centers combined is an estimated $90 million. Specializing in the acquisition, management, and development of retail real estate, Vestar currently has a portfolio comprised of more than 30 million square feet in Arizona, California, Colorado, Nevada, Texas, Utah, and Washington. While California has seen the largest number of Vestar projects, the company currently has nearly two dozen up and running properties in Arizona and Colorado. All three of the company’s new projects in Queen Creek and Peoria are expected to be completed between late 2022 and early 2023. By Garry Boulard
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