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real estate
VIDEO: Vestar begins construction at The Shops at Lake Pleasant in Peoria
Several new tenants sign leases at 16-acre shopping center
Posted
INDEPENDENT NEWSMEDIA
Construction has begun on The Shops at Lake Pleasant, at the northeast corner of Happy Valley Road and Lake Pleasant Parkway.
Vestar will develop about 90,000 square-feet of retail and restaurant space at The Shops at Lake Pleasant.
The $50 million project will span over 16-acres and is an expansion to the 650,000 square-foot Lake Pleasant Towne Center, which the company previously developed.
Vestar purchased the land from the state of Arizona and contracted Upward Architects and contractor Chasse Building for the design and construction of the project. The center is scheduled to be completed by the fall of 2023.
The project includes a unique blend of local and national specialty shops, services and dining establishments including: OverEasy, Visionworks, Restore, Cinnaholic, European Wax, Raising Cane’s, Handel’s Ice Cream, Wild Fork, Honor Health, Christian Brothers Automotive and Panda Nails.
The Shops at Lake Pleasant is one of five new shopping centers Vestar has in development in the greater Phoenix area. Totaling more than 1.5 million square feet of retail space these projects include: Queen Creek Crossing and Vineyard Towne Center in Queen Creek, Verrado Marketplace in Buckeye and Laveen Towne Center in Phoenix.
“This northwest area of the Valley, Peoria in particular, has seen a substantial amount of growth in the last five years. When you look at the number of residents moving into the area, we believe The Shops at Lake Pleasant will offer a tremendous enhancement to the community by bringing more shopping and dining offerings,” said Jeff Axtell, Executive Vice President of Development for Vestar.
Upper West Side PHX Executive Direcor Katie Roe is excited about all the new things coming to The Shops at Lake Pleasant.
“Four Corners is the appropriate place for additional retail, service, fast casual dining, and fast food," she said. "We’re happy to see In-N-Out, Raising Cane’s, Over Easy, Handel’s Ice Cream and more come to the Upper West Side. These companies do a ton of market research and it is clear that they see the potential returns by opening in this undeserved area of the Valley."
