05/07/2024
Host of new retailers set to open (next to Goddard School) in Verrado retail hub in 2024
By Audrey Jensen – Reporter, Phoenix Business Journal
May 6, 2024
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About 35,000 square feet of new shops and restaurants are slated to open this fall in Verrado, a sprawling master-planned community in Buckeye.
Construction of the new retail center, called Sunrise Market, has significantly progressed near the Main Street at Verrado commercial district along Sunrise Lane and Village Street.
About 80% of the space at Sunrise Market has been secured to date, according to the developer, investor Hervé Sarteau of HCCJ Family Partners, which acquired Verrado's Main Street in 2015 from master developer DMB Associates.
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The new restaurant lineup includes breakfast eatery Haymaker from Westside Concepts, W & Z Asian Bistro and a Ropers Provisions steakhouse.
Bosa Donuts, Bobazona, DeGino coffee, West Rose wine tasting, Manna Movement Pilates, Thrive Swim & Ride Shop, Studio Linea Salon and Honey GO Nails have also signed on.
Sarteau said negotiations are in progress for another two leases for the center while a couple of other spaces are still available. Leasing is being handled by James DeCremer, a principal at Avison Young in Phoenix.
Sunrise Market Verradoexpand
A new shopping center is expected to open with new restaurants and retail by fall of 2024.
HCCJ FAMILY PARTNERS
Bailey Marshall Corp. is constructing the retail center that was designed by triArc Architecture & Design.
A grand opening for Sunrise Market, which comprises five buildings, is expected to take place by the end of October 2024. The project could create 200 new direct jobs.
The total cost to develop Sunrise Market is more than $20 million, Sarteau said. The new shops will add to the nearby Main Street, which has a Bashas' grocery store, CVS and two office buildings in addition to shops and restaurants.
Sarteau also owns an additional site close to Sunrise Market that could bring another 80,000 to 100,000 square feet of more commercial space to Verrado in the future, including potential retail, residential and office space.
Verrado Sunrise Market part of 'walkable' community
The new Sunrise Market was designed with the Verrado community and residents in mind and is reflected in the high-end architecture, pedestrian access, artwork and character, Sarteau said.
"DMB did a great job from the beginning of developing the master plan community," Sarteau said. "Overtime it's really the residents with their sense of ownership and entrepreneurship that has taken the community to the next level, so we just want to anchor that spirit even more."
A lot of the tenants also already have connections to the Verrado community and the Valley.
"It's a good mix of people who ... already have proven concepts and local owners that live in Verrado," Sarteau added.
Plans for Sunrise Market initially started before the Covid-19 pandemic but Sarteau said they moved forward with the project because of demand for retail in the community. The Verrado community has nearly 7,000 homes with room to double that across a total 8,800 acres.
Although construction costs increased, Sarteau said they are able to make up for the rise in costs with higher rents.
Dan Kelly, COO of DMB Associates, said they wanted to create a "walkable community where neighbors could walk to the commercial areas, throughout the community."
"From the very beginning, we envisioned a place that exuded small-town charm with 'big-city amenities' and land was set aside for these future needs," Kelly said in a statement.
Verrado's largest commercial district, called Verrado Marketplace will be located just north of Interstate 10 and is being developed by Vestar. The shopping center is set to include a Target, Harkins BackLot, Safeway and more.
