Developer sells Papago Plaza lot as key Sprouts project faces setbacks

Article originally posted on Phoenix Business Journal on July 30, 2025

The revitalization of Papago Plaza has come together over the last five years, delivering a 276-unit luxury apartment complex, a 116-key hotel and a slew of retail tenants.

Almost a year after its expected delivery, the final piece of the spruced-up, mixed-use development remains missing: a 23,000-square-foot Sprouts Farmers Market grocery store at the base of a two-story parking garage.

Scottsdale’s proposed fifth Sprouts location was slated to open “no later than” August 2024, the developer Lee Mashburn told the Business Journal in 2023. Two weeks ago, on July 18, Mashburn sold the 5.11-acre lot on the southwest corner of North Scottsdale and East McDowell roads for $5.5 million, according to Maricopa County records.

Mashburn sold the lot to an entity traced to Principal Asset Management. It’s unclear whether Mashburn is still involved with the project. Principal Asset Management and Mashburn could not be reached for comment.

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