Developer More Selective on New Tenants at Papago Plaza as Sprouts Starts Construction

Article originally posted on Phoenix Business Journal on May 15, 2023

Come next summer, a new Sprouts Farmers Market is expected to anchor a revitalized mixed-use center that will include retail, lodging, restaurants and multifamily in south Scottsdale.

Pivot Development has started construction on a 23,000-square-foot smaller format Sprouts (Nasdaq: SFM) and a new parking garage, which will be at the Papago Plaza on the southwest corner of McDowell and Scottsdale roads.

Lee Mashburn, president of Pivot Development, expects to be a little more selective on leasing out a new restaurant building across from Sprouts — at least until the grocery store gets further along in construction.

“Once the Sprouts is up and out of the ground and getting to be visible then our opinion is we might have as good or better options [for new leases],” Mashburn said. “There’s a laundry list of folks we’re out there [talking] with. The tenant interest is overwhelming almost.”

Find the Full Article Here: bizjournals.com/…/papago-plaza-taking-shape-sprouts-construction

An aerial rendering shows the planned redevelopment of Papago Plaza, which will include residential, retail, grocery and hotel components.