Phoenix-based Vestar, the shopping center owner and manager behind properties like Tempe Marketplace and Desert Ridge Marketplace, has been selected as primary property manager for the hospitality district within the Novus Innovation Corridor in Tempe.
Vestar was selected by Catellus Development Corp., which is the master developer of Novus. While Vestar placed a bid on the project, Catellus and Vestar have a long-running relationship, according to Rachel Forman, a vice president of marketing at Vestar. Vestar will work closely with Arizona State University in this role.
One of the first major retail projects announced in Novus includes the multiple Fox Restaurant Concepts restaurants that will anchor the Novus Place development, which is expected to open in late 2024. The area will also have a stage for entertainment that Jon Yee, a general manager at Vestar, said is in the company’s wheelhouse.