Vestar, in partnership with Pacific Proving, has announced plans to build a mixed-use development in the East Valley of Phoenix, Arizona, US.
The multibillion-dollar project, dubbed Legacy Park, will occupy a portion of the 1,805 acres owned by landowner Pacific Proving.
It will be located at the intersection of Mesa, Gilbert, and Queen Creek, and will feature a combination of lifestyle retail, luxury housing, Class A office space, parks, and hospitality developments.
Overall, Legacy Park will include 300,000ft² of retail space and restaurants, 2,500 multifamily residences, a 600-room resort hotel developed by The Athens Group, and 3.4 million square feet of office and corporate campus facilities.
Additionally, it will feature an urban park spanning more than 20 acres, including a large lake, intended as a community space for recreational activities and events.
Construction for Legacy Park is anticipated to commence in 2027.
Vestar president and CEO David Larcher said: “Legacy Park is a generational project that will become an urban oasis and the centrepiece of the East Valley.
“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.”
The project will be accessible via the new State Route 24 at Williams Field Road.
According to Vestar, the project is expected to generate around $56bn in economic output and create more than 20,000 jobs over the next two decades. It will also provide significant tax revenues to support various city services in Mesa.
Pacific Proving principal Andrew Cohn said: “As someone who has believed in the potential of this area and land for decades, we are thrilled to partner with Vestar to bring this phase of our property Legacy Park to life.
“Legacy Park is not just another development. It is a thoughtfully designed community that will bring lasting value and lifestyle to the East Valley. We have waited for the right timing, the right opportunity, and the right partners and that moment is now.”
