V
erde Investments has secured approval to transform the site of a demolished indoor mall in Mesa into an urban retail village, featuring up to 4,000 homes. The Tempe-based developer, led by billionaire Ernest Garcia II, received the green light from the Mesa City Council to redevelop the 80-acre Fiesta Mall site at 1445 West Southern Avenue. Plans for Fiesta Redefined include up to 4,000 homes, 1.85 million square feet of offices, shops, and restaurants, as well as over 500,000 square feet of open space.

    The redevelopment, designed by Texas-based Nelsen Partners, involves a rezoning of the former mall site on the southwest corner of Southern Avenue and Alma School Road. Verde Investments' David Leibowitz stated that the approval marks a significant step towards creating a thriving destination that will boost Mesa's economy, generate jobs, and help address the Valley's housing shortage.

    The city of Mesa has identified the redevelopment as an optimal use of real estate within the city. The 1.2 million-square-foot Fiesta Mall, which opened in 1979, had declined and closed in 2018 before being demolished last year. Verde Investments is a holding company founded by Garcia in 1992, with interests in commercial properties, including over 1,200 billboards across the US.