Developers Announce Plans For Verrado Marketplace In West Valley

BUCKEYE, AZ —Two local real estate giants on Wednesday announced plans for a new $125 million retail shopping center to be located in the rapidly-growing West Valley city of Buckeye.

Verrado Marketplace will be developed by Scottsdale-based DMB Associations, the master developer for the Verrado master-planned community, and Phoenix-based Vestar, the largest privately-held shopping center developer in the country.

The development will be located at the northeast corner of Interstate 10 and Verrado Way at the entrance to Verrado's master-planned community.

According to Vestar, the marketplace will be similar to its other projects like Desert Ridge Marketplace, located in North Phoenix, and Tempe Marketplace, and feature restaurants, retail and large public outdoor spaces to "serve as a gathering spot for surrounding communities."

David Larcher, president and CEO of Vestar, said construction of the marketplace is scheduled to begin in the middle of 2023, with the opening set for the third quarter in 2024.

Larcher said it's too soon to name tenants, but that those discussions are taking place.

The marketplace is just one of several retail projects slated for the Interstate 10 and Verrado Way intersection, according to developers.

Developers said a Costco Wholesale is submitting plans to build a store at the southeast corner of the intersection, while Phoenix-based Banner Health has plans for a 330,000-square-foot hospital nearby. Plus, Tenet Healthcare also has plans for its own medical campus near the intersection.

"This is going to be the hottest intersection in the Valley — definitely in the West Valley," said Dan Kelly, general manager of DMB.

Developers have said that projects like the marketplace and Costco are necessary because housing has grown exponentially in the area, led by the Verrado community. However, retail development has not kept pace.

"We've spent a lot of time with the economic development folks with the city of Buckeye and they have over 100,000 people in their town now and very little retail," said Jeffrey Axtell, executive vice president and regional manager for Vestar.

Axtell added: "Buckeye has grown so much in the past 10 years, yet no new stores have been added."