The new owners of Mesa's Fiesta Mall are unveiling a massive plan to turn the near-vacant shopping center into a medical and higher-education campus.
"You have such a densely populated area, we've got to bring something exciting and vibrant to this area," said Ray Cashen, who brokered the deal and will market the new complex.
"We can't have this very large, million-plus square-foot building just sitting there."
Dimension Financial & Realty bought the property for nearly $7 million and the new owners pledge to invest $30 million in the redevelopment. In addition to the medical and education facilities, Cashen says there will be office space, dining and entertainment areas along with a housing component.
"You're seeing about 60 percent of our companies looking at Greater Phoenix looking for these large scale office environments that are conducive for employees to work and live and ultimately have the access to the amenities," Greater Phoenix Economic Council President Chris Camacho told ABC15.
Cashen said existing tenants, like Sears, will be allowed to stay "for the time being." He expects construction on the new campus to begin by January.