Phoenix developer Vestar eyes two state land parcels for mixed-use projects near TSMC

Article originally posted on Phoenix Business Journal on March 11, 2026

Phoenix-based retail developer Vestar has its sights set on two pieces of vacant desert land owned by the state of Arizona that it wants to scoop up at auctions sometime this year.

Both sites are just east of Interstate 17 — across from TSMC Arizona’s sprawling campus and in an area slated for millions of square feet of new commercial development and thousands of new housing units.

The first property Vestar wants to develop totals about 186.8 acres, spanning from Dove Valley Road to Sonoran Desert Drive, the site of its proposed Dove Valley Towne Center. It’s a mixed-use project set to include a 544-room hotel, a nearly 86,000 square-foot fitness center and 437,000 square feet of retail space, according to documents filed with the city of Phoenix.

The developer worked with the city last year to rezone the site for commercial, retail and hospitality uses.

According to appraisal documents submitted to the Arizona State Land Department, that property is valued at $36.5 million, which is typically the starting bid at auction. An auction date has not yet been set, but it is expected to happen in the second quarter of this year, according to the ASLD website.

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