Vestar Gets Go-Ahead for Phoenix-Area Shopping Center

The Phoenix City Council gave the green light for a development agreement with Phoenix-based Vestar to support a new 40-acre shopping center in Laveen.

Called Laveen Towne Center, the new 400,000-square-foot retail, dining and entertainment project represents an investment of $130 million and will be the the first phase of an overall 90-acre site. It will feature a department store, entertainment concept, restaurants, specialty shops and various services in southwest Phoenix.

The property is located at the southwest corner of 59th Avenue and Dobbins Road in a fast-growing commercial and residential corridor around the Loop 202 in Laveen, an area with a strong agricultural heritage, but until now has had very little commercial development. All that’s there is a rustic, old farmhouse.

Vestar is in the process of developing Verrado Marketplace in Buckeye, which will feature 500,000 square feet of retail, restaurant and entertainment space and be similar to Vestar’s other Phoenix-area projects.