Verrado Marketplace will become a central hub for retail and entertainment, offering a unique blend of shopping, dining and social spaces that caters to the local community in Buckeye, Arizona, US.
Vestar, a privately held real estate company based in the US, will develop the retail centre in partnership with DMB Associates, a real estate development company. It is one of five centres being developed by Vestar in Arizona: Vineyard Towne Center, Queen Creek Crossing, Laveen Towne Center and The Shops at Lake Pleasant.
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Announced in 2022, the project involves an estimated investment of $125m. Constuction is expected to commence in 2024 and the opening is scheduled for 2025.
The development will create 1,500 permanent jobs and generate $50m in total tax receipts for the city of Buckeye, in addition to contributing an economic output of $1.8bn over the next decade.
Location
The retail centre is at the northeast corner of Interstate I-10 and Verrado Way in Buckeye, Arizona, the second fastest-growing city in the US.
Its location is ideal for accessibility and visibility as it lies 56km from Phoenix and 48km west of downtown Phoenix.
Verrado Marketplace will be part of the 8,800 acre (3,561 hectare) Verrado master-planned community being developed by DMB Associates.
The surrounding area has a population of more than 45,400 and a median household income of $106,491 within a 5km radius, indicating a strong potential customer base for the new development.
Verrado Marketplace details
Verrado Marketplace will be an open-air retail centre with a gross leasable area of 522,200ft² (48,514m²). It aims to create a vibrant community hub for entertainment and community events featuring premier anchor tenants, a central lawn, a performance stage, an outdoor fireplace and enticing indoor and outdoor dining options.
The retail centre will feature apparel and home decor stores, department stores, a movie theatre and apeciality shops, restaurants and services.
The project will also include expansive public outdoor spaces with amenities that will provide another spot for the local community to gather.
Retail and entertainment facilities
In November 2023, Vestar signed leases with six anchor tenants for Verrado Marketplace, including national retailers such as Target, Harkins BackLot, Safeway, Marshalls and Ross Dress for Less.
Harkins BackLot will introduce its newest entertainment concept, featuring a luxury movie theatre, full-service restaurant and bar, sports viewing arena, arcade games, a bowling alley and private event spaces within a 75,000ft² area. The Verrado Marketplace location will be their first new build of the “BackLot” concept to open in Arizona.
Target, a major department store, will unveil its latest store prototype in a 147,000ft² area at the southeast corner of the development, offering shopping and pickup options, while Marshalls, Ross and HomeGoods will occupy a combined space of 70,000ft² .
PopJet Splash Pad will provide a playful and refreshing space for children and families to enjoy outdoor fun. Vestar’s Sip & Stroll programme will allow customers aged 21 and older to enjoy alcoholic beverages from participating bars and restaurants, while enhancing the social aspect of shopping.
The centre will host various events throughout the year, including concerts, community gatherings, movie nights, farmers markets, and holiday festivities, enhancing the small-town charm of the upscale Verrado community.
Sustainability features
Vestar will integrate its GreenStar sustainability programme into Verrado Marketplace.
The retail centre will feature energy-efficient building materials and solar power, alongside water harvesting and white cool roofs. The project will feature artificial turf, LED lighting, facilities for onsite recycling and composting, a drip system landscaping and electric vehicle charging stations.
Contractors involved
Western Retail Advisors, a full-service commercial real estate brokerage company based in the US, is leading the leasing efforts for Vestar’s Verrado Marketplace project.
