DMB Associates, the Master Developer of the Verrado master planned community, announced that it is partnering with Vestar, the largest privately-held shopping center owner, developer, and manager in the western United States, to create a dynamic retail center at the front door of Verrado, an 8,800-acre master-planned community in Buckeye, Arizona.
The DMB/Vestar team is planning for a retail development called Verrado Marketplace that will include over 500,000-square-feet of commercial space and will be poised to serve as a Town Center for not only the residents of Verrado, but also the residents of Buckeye to enjoy. Verrado Marketplace will be designed to complement the small-town neighborhood charm that is the hallmark of the Verrado community. It is anticipated the project will feature a premier grocery store as well as other uses such as apparel and home decor stores, department store, movie theater, and several new specialty shops, restaurants, and services. The project will feature large public outdoor spaces rich in amenities that will serve as another gathering spot for all the surrounding communities. Vestar is well known for hosting hundreds of free community events each year at similar projects like Tempe Marketplace and Desert Ridge Marketplace.
“Verrado is a truly special place,” said David Larcher, President & CEO of Vestar. “For over 30 years, we have developed successful retail environments that become important gathering spots and economic hubs for their community, and Verrado Marketplace will be no different. We are excited to be partnering with a visionary company like DMB and especially to be developing at the front door of the Verrado community.”
“We believe Vestar is the perfect partner to develop a primary town center of Verrado,” said Susan Bansak, Chief Executive Officer of DMB. “Both companies are driven to create thoughtful and inspiring places, and we look forward to a successful collaboration.”
The Marketplace will be developed at the northeast corner of Verrado Way and I-10. It is expected to break ground in mid-2023 following necessary approvals from the City and will complement the existing commercial services already in place on the west side of Verrado Way.
As one of the leading privately-held real estate companies in the United States, Vestar acquires, develops, and manages shopping and entertainment destinations that serve as community focal points. Since its inception in 1989, Vestar has earned a reputation for integrity and responsibility in the fields of retail property development, operations, leasing and marketing. Vestar’s current portfolio of retail properties totals 30 million square feet throughout the western states. For more information, please visit Vestar.com.
About DMB Associates
DMB is an Arizona-based, diversified real estate development and investment company. For more than 35 years, DMB has created some of the finest communities in Arizona, California and Hawaii, including DC Ranch and Silverleaf in Scottsdale, Marley Park in Surprise, Eastmark in Mesa and Verrado in Buckeye. Verrado, is an 8,800-acre community nestled against the White Tank Mountains in Buckeye, Arizona. Verrado is widely-recognized for its small-town charm and authentic architecture. With its engaging lifestyle, proximity to open space, parks and extensivetrail system, Verrado is the premier master planned community in the Southwest. Visit verrado.com or dmbinc.com for more information.