Verde Investments, Inc. has filed a rezoning application with the City of Mesa for the redevelopment of the former Fiesta Mall site. The demolition of the old mall is about two-thirds complete. The proposed rezoning aims to change the site’s current Limited Commercial designation to Infill District-2, aligning with the Mesa 2040 General Plan and providing flexibility for the redevelopment. The plans envision 4,000 multifamily units, 750 KSF of office space, 520.5 KSF of open space, and 1.1 MSF of commercial uses. Construction is anticipated to start in 18-24 months, with the entire project potentially taking up to 10 years.
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A full-service lease is a lease that has one, all-inclusive rental rate which includes both the base lease rate and the operating expenses combined into one figure.
A modified gross lease is a lease where the tenant pays base rent at the lease’s inception, but it takes on a proportional share of some of the other costs associated with the property as well, such as property taxes, utilities, insurance, and maintenance.
A triple net lease is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.
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