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Village at Prasada, one of largest planned retail centers in the Valley, is nearly 100% leased

  

Featured in Phoenix Business Journal on May 17, 2022.

Several months after unveiling plans for a 700,000-square-foot shopping center in the West Valley, called Village at Prasada, Scottsdale-based SimonCRE said the outdoor mall is close to being 100% leased.

The $500 million retail, dining and entertainment center, one of the largest power centers to be built on the West Coast in a decade, is being developed along the Loop 303 between Waddell and Cactus roads.

It will house major retailers including Sprouts Farmers Market, Hobby Lobby, TJ Maxx, Marshalls, PetSmart, Burlington Coat Factory, and Ulta. It will also feature a restaurant row and a FatCats Entertainment facility next to a planned multifamily project with more than 500 units.

On Tuesday, national developer SimonCRE announced some of the newest fine-dining restaurants to take down space in the center, including Firebirds Wood Fired Grill, which serves fire-grilled steaks and seafood, and Cooper’s Hawk Winery & Restaurant, which features contemporary cuisine, a Napa Valley-style tasting room and retail market.

Restaurants previously announced for the power center include O.H.S.O., a local nano-brewery and distillery, and Barrio Queen, an authentic Mexican restaurant. SimonCRE also previously said the center could see a Floor & Decor or Dick's Sporting Goods.

Three final restaurant spaces will add more dining options, but the developer has not released the names of them yet. The new restaurants will add more upscale concepts to the northwest Valley, which residents have been longing for to avoid trips to Scottsdale.

Construction schedule at Village at Prasada

The first phase of Village at Prasada is still expected to be completed in 2022 despite ongoing supply chain challenges and material and labor shortages, which has caused an increase in costs and project delays and even lawsuits in the Valley.

SimonCRE and general contractor Haydon Building Corp. said it was able to keep Village at Prasada on track through “agile” planning and restructures of schedules, partnering with subcontractors and trade partners to mix concrete on-site and schedule out concrete pours.

“There are solutions to these challenges, and they mostly require that we be really deliberate about how we schedule and plan the work within the current constraints, as there are more now than there typically are,” said Fritz Behrhorst, vice president of pre-construction at Haydon Building Corp., in a statement.

“This really requires good planning and smart scheduling, that we are very diligent about what we order, and when we order it. We are buying materials far ahead of time, tracking these materials, and following up on their delivery. It really has translated to a lot of supply chain management.”

Most wanted restaurants in Surprise

In its most recent retail survey, the city of Surprise said some of the top restaurants desired by residents include The Cheesecake Factory, El Pollo Loco, Cracker Barrel and Portillo's, among other concepts. Top desired retailers included Whole Foods Market, Old Navy, Dick's Sports Goods and IKEA.

Some of residents' favorite existing restaurants and retail also included Bonfire Craft Kitchen & Taphouse, Vogue Bistro, Son Glow Boutique and Arizona Quilts.

This year, Phoenix-based Common Bond Development Group also announced a new 105,790-square-foot shopping center for Surprise for the northwest corner of Peoria Avenue and Cotton Lane. Called Sterling Grove, the $27 million retail center will include a Safeway, retail space and five standalone buildings.

 

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For more information about the development of Village at Prasada, visit VillageAtPrasada.com or on Facebook and Instagram.

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