Vestar Kicks Off $2B Mixed-Use Project
Plans call for upward of 3 million square feet of office space and 300,000 square feet of retail, among other uses.
Commercial developer Vestar and site owner Pacific Proving are partnering to build a $2 billion project on 200 acres in Mesa, Ariz. The multi-phase development, called Legacy Park, will initially include upmarket retail and a resort hotel, followed by high-end residences and office space.
Located near the meeting of the suburban Phoenix communities of Mesa, Gilbert, Ariz., and Queen Creek, Ariz., but within the city of Mesa, Legacy Park will also encompass parks and recreation facilities.
The size and design of the development will be comparable to Scottsdale Quarter, where Vestar is a partner. The project is slated to break ground in 2027.
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The developer didn’t specify a timetable for Legacy Park’s full build-out, but plans call for 300,000 square feet of upscale retail and chef-driven sit-down restaurants, 3.4 million square feet of mid-rise office and corporate campus space, 2,500 multifamily residences and a 600-key resort hotel developed by The Athens Group.
The development will also include a 20-acre park with a lake that will serve as a space for recreation and community events. The space will offer a new location in the region for weddings and other milestone events, said Vestar President & CEO David Larcher in prepared remarks.
Phoenix retail in demand
Phoenix’s retail trends indicate a relatively tight market, with vacancy at 4.4 percent in the second quarter of 2025, according to a Kidder Mathews report. That represents a small drop compared with a year ago, when the rate stood at 4.6 percent.
Throughout 2024, more than 422,000 square feet of retail were absorbed. During the first half of 2025, some 867,200 square feet were absorbed, illustrating considerable demand, the same source shows.
Vestar posits that the market, especially the East Valley, needs more retail. The company also predicts that the Legacy Park development will generate $56 billion in economic output over the next two decades, and create more than 20,000 jobs. It will also contribute sizable tax revenues for the city of Mesa.
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