Verde Investments, led by Arizona’s richest resident Ernest Garcia II, has officially taken control of the 80-acre former Fiesta Mall site. Here’s what the redevelopment—dubbed Fiesta Redefined—means for Arizona real estate investors:
🧱 Project Scope
- Site Area: 80 acres at Alma School Road and Southern Avenue in Mesa
- Latest Purchase: Final 34 acres acquired for $24 million (Feb 2025)
- Master Plan Includes:
- 4,000 housing units
- 1.85 million sq ft of retail & commercial space
- 500,000+ sq ft of open/public space
📍 Strategic Location
- Located in the East Valley, a region primed for population growth and economic revitalization
- Surrounded by major arterial roads and close to public transit and higher education institutions (like MCC)
📊 Why It Matters for Investors
- Massive infill opportunity in an urban core—limited land of this size in metro Phoenix
- Shift from dead mall to mixed-use urban village aligns with current zoning trends and lifestyle shifts
- Likely to increase surrounding property values—especially SFR and BTR in west Mesa and central Tempe
- Could be a rental hot spot—offering walkability, access to new retail, and proximity to downtown Mesa
🚧 Development Context
- The site has been mostly vacant since the mall closed in 2019
- Zoning changes approved in 2024 helped pave the way for this major transaction
- Nearby developments, like the ASU Innovation Zone and light rail expansion, could compound growth
💡 Investor Takeaway
Now is the time to start scouting surrounding neighborhoods. West Mesa, especially areas within 1-2 miles of the Fiesta Redefined site, could see a spike in rental demand and homebuyer interest as momentum builds.