Vestar has purchased a 20-acre parcel in North Phoenix from the Arizona State Land Department and is preparing plans for a new shopping center on the site. The land is located at the intersection of Black Mountain Parkway and Deer Valley Road and will be developed into a grocery-anchored retail project known as Black Mountain Village. Vestar paid $10 million for the parcel, and the company reports that the overall investment in the project is expected to exceed $50 million.
Plans for Black Mountain Village call for approximately 120,000 square feet of retail space. The project will be anchored by a 65,000-square-foot grocery store, supported by additional retail components. The balance of the center is expected to include a mix of restaurants, shops and neighborhood-serving uses, designed to provide day-to-day services and dining options for residents in the surrounding area.
With Black Mountain Village, Vestar is adding another grocery-anchored center to its portfolio of retail projects in the region. The company previously developed several other marketplace-style properties, including Desert Ridge Marketplace, Tempe Marketplace, Queen Creek Marketplace and, most recently, Verrado Marketplace. The new North Phoenix project will join this group of open-air retail destinations, extending the firm’s presence across multiple trade areas.
Project planning and design work for Black Mountain Village are currently underway. Vestar has not yet released a detailed tenant lineup or finalized development milestones, but the company indicates that additional information will be provided as the project advances. Future announcements are expected to cover the center’s tenant roster, including the grocery anchor, along with schedule-related details such as construction timing and key delivery dates.
The Black Mountain Village site, secured through a transaction with the Arizona State Land Department, positions Vestar to develop a new retail node in North Phoenix. As planning progresses, the project is expected to clarify how the 120,000 square feet of space will be allocated among the grocery anchor, restaurants, shops and other neighborhood-focused retail uses.
