A new retail center named The Shops at Lake Pleasant is in the works at Happy Valley Road and Lake Pleasant Parkway and the developer has begun the process of bringing tenants to the 26-acre property.
The Peoria Planning and Zoning Commission approved the property for two fast food restaurants and an automotive repair user.
The items were listed on the consent agenda and the commission unanimously approved them for conditional use permits to allow for their respective uses.
The Shops at Lake Pleasant project is the creation of Vestar, which marks the return of the developer after a 13-year construction hiatus. The developer manages more than 30 million square feet of space in seven states throughout the West, including Desert Ridge Marketplace and Tempe Marketplace.
Officials with Vestar would not say the names of any tenants lined up for The Shops at Lake Pleasant.
The developer acquired the 26 acres from the Arizona State Land Department and will have about 90,000 square feet of retail space. The center is scheduled to open in late 2022, adjacent to another shopping center Vestar developed several years ago, Lake Pleasant Towne Center, anchored by large retailers Home Depot, PetSmart and Kohl’s.
Rather than new construction, Vestar focused on updating and refreshing its existing properties, including Desert Ridge Marketplace. Tempe Marketplace also is undergoing a multimillion-dollar renovation. Upgrades include LED screens, interactive and public art spaces, improved landscaping, signage and more.
Philip Haldiman can be reached at firstname.lastname@example.org, or on Twitter @philiphaldiman.
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