Verde Investments has concluded its acquisition of the former Fiesta Mall site, paving the way for a new mixed-use development in Mesa, Arizona. Owned by Ernest Garcia II, Arizona’s wealthiest individual, Verde wrapped up the purchase of the remaining 34 acres for approximately $24 million, as reported by ABC15 News. This transaction solidifies the company’s control over the 80-acre area set to undergo a significant transformation. The project, dubbed Fiesta Redefined, is set to include 4,000 housing units and up to 1.85 million square feet of commercial space.
The site’s seller, MMCP, a limited liability company of undisclosed origin, had purchased the property back in 2017 for $6.7 million, landing the final deal at around $705,882 per acre. According to the The Real Deal, the city of Mesa has given the green light for redevelopment which is considered an “optimal uses of real estate within the city.” Plans for the expansive project include a blend of residential, office, shops, restaurants, and public spaces, although cost and project timelines have not been disclosed.
Once a bustling retail center that opened its doors in 1979, Fiesta Mall fell into decline, leading to its closure in 2018 and its eventual demolition in 2023. The redevelopment project is not just about constructing buildings, though, as Mesa City Manager Chris Brady, told the The Real Deal, “We’ve had conversations with national and regional developers who have expressed interest in the site’s potential.” Verde Investments is seeking partners to bring the Fiesta Redefined vision to fruition.
Garcia’s association with the Fiesta Redefined project signals his continued influence in the region as he remains the largest shareholder of Carvana and owns DriveTime Automotive. Despite his past as a convicted felon related to the Lincoln Savings & Loan scandal, he has maintained a prominent position in the real estate and automotive industries. “We are aware that Verde Investments is actively marketing the land to potential developers,” Brady emphasized, indicating an ongoing search for a proposal that would complement the vibrant mixed-use development envisioned for the site, as reported by the The Real Deal.
