New retail development across the United States is in the midst of a dramatic slowdown, but fast-growing Phoenix continues to see activity with a multibillion-dollar project about to get off the ground.

Developer Vestar on Monday unveiled plans for Legacy Park, a roughly 9.4 million-square-foot mixed-use complex slated for a vacant 200-acre site in Mesa, in the East Valley area of the greater Phoenix market. The first phase, estimated to cost more than $1 billion, would include a 300,000-square-foot shopping complex for upscale retailers and chef-driven restaurants and roughly 700 residential units above the retail, according to Vestar. The size and design would be comparable to Scottsdale Quarter, another mixed-use development where Vestar is a strategic partner, according to the Phoenix-based company.

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Source: CoStar