Vestar, one of the leading privately held shopping center owners, managers and developers in the western United States, announced today the acquisition of a 20-acre parcel of land from the Arizona State Land Department at the intersection of Black Mountain Parkway and Deer Valley Road in North Phoenix. The acquisition marks a significant milestone in the development of Black Mountain Village, a new grocery-anchored retail destination representing an investment of more than $50 million in the rapidly growing Desert Ridge community.
MORE NEWS: Mattamy Homes buys 59 homesites in Glendale for $10.6 million
DEEPER DIVE: 10 Arizona restaurants make Yelp’s Top 100 Mexican food spots
The new development will feature approximately 120,000 square feet of retail space, anchored by a 65,000-square-foot grocery store, alongside a curated mix of restaurants, shops and neighborhood services. Designed to serve surrounding residential communities, Black Mountain Village will also incorporate pedestrian-friendly walkways, shaded outdoor gathering areas and extensive landscaping throughout the project.
“North Phoenix continues to experience tremendous residential growth, yet access to quality grocery, dining and neighborhood retail options remains limited in this area,” said Ryan Ash, senior vice president of asset management for Vestar. “Black Mountain Village presents an opportunity to address that demand while delivering a thoughtfully designed, high-quality retail amenity that complements the surrounding community. Our goal is to create a place that residents are proud to call their neighborhood shopping center and one that enhances the overall quality of life in Desert Ridge.”
Black Mountain Village will build upon Vestar’s proven track record of developing and operating some of Arizona’s most successful retail destinations, including Desert Ridge Marketplace, Tempe Marketplace, Queen Creek Marketplace and, most recently, Verrado Marketplace. Like these properties, the new development will emphasize thoughtful design and a carefully curated tenant mix.
Planning and designs are currently underway and additional project details, including tenant announcements and development timelines, will be shared in the coming months.
