REAL ESTATE NEWS

Vestar has unveiled its massive mixed-use development, Legacy Park, which will deliver housing, hospitality and workspace, among others, to the East Valley area community.

The project, in partnership with legacy owner Pacific Proving, LLC, aims to offer an urban experience across 200 total acres. Legacy Park, expected to cost in the multi billions, is planned at the convergence of Queen Creek, Mesa and Glibert, according to Vestar.

The development calls for a 600-room hotel, 300,000 square feet of retail, 3.4 million square feet of office and corporate space, 2,500 multifamily units and a 20-acre park. The retail segment will include many restaurants seen for the first time in the East Valley. Also, the park includes a lake, which will be pivotal for gatherings and recreation, according to Vestar.

The Athens Group will be responsible for the hospitality portion of the project.

Legacy Park is close to State Route 24 and Mesa Gateway Airport. Vestar envisions that Legacy will become East Valley's "largest mixed-use development ever seen." The developer anticipates Legacy Park generating $56 billion in total economic output over the next two decades, with the creation of over 20,000 jobs in the process.

Construction is projected to start in 2027, with the completion date not revealed.

"Legacy Park is a generational project that will become an urban oasis and the centerpiece of the East Valley," David Larcher, president and CEO of Vestar, said in a statement.

"From Tempe Marketplace to Desert Ridge Marketplace, we have built destinations that redefine their communities, and Legacy Park will be no different. This development will set a new benchmark for retail, hospitality, and mixed-use living in Arizona."

Across the West Coast in the U.S., Vestar's total retail real estate portfolio exceeds 30 million square feet. It also has another three million square feet under development.

Source: GlobeSt/ALM