Fiesta Mall developer, the Carvana owner, buys remaining 34-acres of land for $24 million Article originally posted on AZ Central on March 7, 2025 Fiesta Redefined developers Verde Investments Inc. closed on the sale of the remaining 34 acres of land for nearly $24 million in February. The fate of the 80 acres that once housed the 1.2-million-square-foot Fiesta Mall has long been a question for Mesa residents and February’s sale solidifies Verde Investment’s commitment to the area. For decades, Fiesta Mall was the go-to retail center for East Valley residents before it closed in 2018. Verde Investments, a development firm owned by billionaire Ernest Garcia II, has slowly acquired the parcels of Fiesta Mall over several years. Garcia is one of the 400 richest people in America and the richest in Arizona, according to Forbes. In 2024, he ranked 67th on the national list. He is the biggest shareholder of Carvana, the online used car and auto loans platform that went public in 2017. His son founded the company as a subsidiary of DriveTime Automotive, which Garcia owns. DriveTime is the fourth-biggest used car retailer in the U.S., according to Forbes. Carvana ranked 71st on The Arizona Republic’s list of 100 biggest employers, with 2,600 workers in 2024. Garcia’s firm acquired the land from MMCP, LLC, a corporation comprised of three different organizations, according to real estate database Vizzda. The affidavit showed Verde Fiesta, LLC, a corporation managed by Verde Investments, paid $23,994,945 cash for the land. “They had reached an agreement several years ago to purchase all these parcels, but there was some paperwork that needed to be completed,” David Lebowitz, a spokesperson for Verde Investments, told The Arizona Republic. Plans for the future of Fiesta Mall have come and gone. Part of the challenge was that the land had multiple owners. At one point, the owners of the mall tried to revamp the building into a campus focused on health and education. That fell through. Now under the ownership of Verde Investments, the land is closer to a new life with the project now dubbed Fiesta Redefined. The firm tore down the building in July 2023 and spent more than a year working with the city to develop a plan for the project. In December, the City Council unanimously approved the rezoning request from Verde Investments that aimed to reinvent the location into a “vibrant” community. The broad development plans proposed to bring high housing density, high-end retail and open green space for residents. Mesa City Manager Chris Brady told The Arizona Republic he’s had conversations with Gracia and is aware the firm is marketing the land for future developers. Brady said he had calls with local and national developers inquiring about the property. “We’re just waiting for him to come back with somebody,” he said. Afterwards, negotiations on a development agreement will begin, Brady said. Like this story? Get more East Valley news straight into your email inbox by signing up for our free weekly East Valley Newsletter, which comes out on Wednesdays.