After Years of Waiting South Mountain Village Gets Major New Retail Center

Aug. 14, 2003

PHOENIX - The South Mountain Village community will be home to the newest Pederson Group retail development. The northwest corner of 24th Street and Baseline Road will host Legacy Village, a 352,000-square-foot commercial development, which will house a 124,000-square-foot Target Store, a Fry's Food & Drug Store and Bank of America branch. The state-of-the-art retail development will also boast the area's first national restaurant franchises - Applebee's and International House of Pancakes (IHOP).

Legacy Village is the first major retail development to attract national retailers to this area in more than a decade. Other retailers include: Ross Dress for Less, Famous Footwear, Ace Hardware, Anna's Linens and Payless Shoes, among others. A large food court with outdoor seating will serve as a focal point for gatherings and community events.

Jim Pederson, president of The Pederson Group, announced that construction will begin later this month on the site adjacent to South Mountain Community College. Plans call for Legacy Village to celebrate its grand opening in October of next year. Cost of the new center will approach $30 million, with Bank of America providing the construction financing.

"We are absolutely delighted to bring this quality commercial development to this important part of our city," Pederson said. "Within recent years, the South Mountain Village community has experienced rapid growth with the construction of several new residential communities. Now we are able to bring much needed retail resources to area residents. We feel Legacy Village will be a tremendous asset to the trade area."

Phoenix Mayor Skip Rimsza applauded Pederson and his company "for stepping up to the plate and developing a retail complex that is long over due."

"For years now, we have recognized the need for a development of this type. The Pederson Group, Bank of America and their retail partners listened to the residents of the South Mountain Village community and will create a full service retail center that is second to none," said Rimsza.

City Councilman Michael Johnson echoed the Mayor's sentiments. "With its close proximity to downtown and Sky Harbor International Airport, the South Mountain Village community has experienced rapid residential growth over the past five years. This new development will not only provide an entire new array of goods and services, but it will have a positive economic impact on the area with new full- and part-time jobs that will benefit many of the area's residents."

Officials of The Pederson Group said the center is expected to provide up to 1,000 full- and part-time jobs.

Designed by Butler Design Group of Phoenix, Legacy Village will feature a contemporary design theme and include 1,800 parking spaces. Plans call for the planting of more than 900 new trees on the site and the salvaging and replanting of approximately 75 mature California fan palms that are currently located on the site.

Pederson said he expects Legacy Village to become "a destination for the local community because of the number of new businesses that will be housed in the center." The center's new Target Store will incorporate a prototype design and will offer residents of the South Mountain Village community an entirely new shopping experience.

"The response we have received to Legacy Village from the South Mountain Village community has been overwhelmingly positive," Pederson said. "Civic leaders and surrounding businesses have embraced the concept as an important addition to the area. We are proud that many national retailers share our confidence in the economic opportunities available in this area, which is one of the fastest growing parts of our city. We hope that our development will be the first of many that will positively impact the quality of life in the South Mountain Village community."

The Pederson Group is a 20-year-old Phoenix-based real estate development company specializing in archored retail projects. The company has developed more than 15 highly successful retail projects in the greater Phoenix area, and currently owns, operates or manages shopping centers totaling more than 5 million square feet.

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Cynthia Weaver

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