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Vestar paid $10.35 million on November 5, 2026, for about 20 acres of state land at Deer Valley Road and Black Mountain Boulevard in north Phoenix, about 51% above the auction's starting bid. The plan is Black Mountain Village, a grocery anchored neighborhood center on the north side of Desert Ridge. Here is what was decided, what is still unknown, and what it means for the homes around it.
What the record says
- Sale: Arizona State Land Department auction on November 5, 2026; starting bid $6,850,000, winning bid $10,350,000 by Vestar (Phoenix Business Journal, November 2026, as republished by ABC15 and KTAR)
- Site: about 20 acres at the southwest corner of Deer Valley Road and Black Mountain Boulevard, north Phoenix (Phoenix Business Journal, November 2026; AZ Big Media, November 10, 2026)
- Plan: Black Mountain Village, about 120,000 square feet of retail with a 65,000 square foot grocery anchor, restaurants, shops, services, shaded gathering areas, and walkways; more than $50 million planned investment (Vestar announcement via AZ Big Media, November 10, 2026)
- Zoning: rezoning case Z-39-23-2 and a general plan amendment approved by the Phoenix City Council at its December 4, 2024 meeting (City of Phoenix agenda item 78, December 4, 2024; Phoenix Business Journal via ABC15, December 9, 2024)
- Not yet announced: the grocery operator, other tenants, and a construction or opening date (AZ Big Media, November 10, 2026)
- Price per acre: about $517,500, calculated by Arizona Luxury Partners from the $10,350,000 price and about 20 acres
How the site got here
The land is state trust land, so it could only be sold through a public auction run by the Arizona State Land Department. Vestar applied first, which triggered the auction, according to the Phoenix Business Journal. Bidding opened at $6,850,000, and Vestar traded bids with a local real estate investor and a recently formed LLC before winning at $10,350,000. That is $3,500,000, or about 51%, over the starting bid, by our calculation.
The zoning came first. Vestar filed plans with the City of Phoenix in 2023, and the case went through the Desert View Village Planning Committee, which recommended denial in early 2024, and the Planning Commission, which sent it back to the village committee for more work, as reported by The Arizona Republic in February 2024. The City Council approved the rezoning and general plan amendment on December 4, 2024.
The reported size has changed along the way. The 2023 filing described about 140,600 square feet, and coverage of the December 2024 approval described a larger total. Vestar's November 2026 announcement says about 120,000 square feet, so treat the latest figure as the current plan and expect final numbers to come with the site plan.
Where it sits and what is nearby
The site is on the north side of Desert Ridge, the master planned community of about 5,700 acres with Phoenix addresses in ZIP 85050 and 85054 on both sides of Loop 101. The closest neighborhood on our pages is Fireside at Desert Ridge, which our page places south of Deer Valley Drive between Black Mountain Boulevard and 40th Street. Aviano, near Aviano Way and Deer Valley Road, is also close by. See where Desert Ridge sits on our Northeast Valley map.
Recent sales in the area, from our pages (ARMLS via Flexmls, 12 months to the date shown):
- Fireside at Desert Ridge: 34 sales, median $902,500, $304 per square foot, 12 listed, 77% listing success rate (November 2, 2026).
- Aviano: 30 sales, median $1,303,250, $337 per square foot, 5 listed, about 2.0 months of supply (November 6, 2026).
- Desert Ridge overall: 375 sales, median $730,000, $347 per square foot, 103 listed, 3.3 months of supply (November 2, 2026).
- Homes for sale in Phoenix 85050: 505 sales, median $580,000, about 3.4 months of supply, 74% listing success rate (November 11, 2026).
- Homes for sale in Phoenix 85054: 208 sales, median $684,440, about 4.1 months of supply (November 11, 2026).
For context across the city, our Phoenix homes for sale page shows a citywide median of $440,000 over the 12 months to November 6, 2026.
What it means for homeowners and buyers
Convenience is the likely draw
Vestar describes the project as a neighborhood scale center. For homes north of Loop 101, a grocery store at Deer Valley and Black Mountain would be closer than the larger shopping areas to the south, including Vestar's own Desert Ridge Marketplace. How much that matters depends on where a home sits and how its owners shop.
Traffic and activity are the tradeoff
During the zoning case, neighbors raised traffic around Pinnacle High School, delivery trucks, noise, and drive through activity. Homes closest to the corner and along Deer Valley Road and Black Mountain Boulevard are the ones most likely to notice changes in traffic and lighting.
Practical advice
- Buying near the site: drive the corner at school drop off and pick up times, and look at which streets would carry traffic into the center.
- Read the public file: the rezoning case, Z-39-23-2, is on the City of Phoenix site. Stipulations in the approved ordinance can cover things like layout, buffers, and uses, and they are worth reading before you buy next to the site.
- Selling nearby: you can mention a planned grocery anchored center, but describe it as planned, with no opening date announced. Overstating it can create problems later.
- Watch for the site plan: tenant names and building locations will tell you far more than the auction did.
Avoid this mistake: pricing a home, or paying for one, as if the grocery store is already open. No tenant or date has been announced, and plans can change between approval and construction.
The honest caveats
- We could not open the original Phoenix Business Journal story because of its paywall. The auction figures come from the same story as republished by ABC15 and KTAR.
- Sources name the streets differently, Deer Valley Road or Drive and Black Mountain Boulevard or Parkway, but they describe the same corner.
- The reported square footage has changed over time. We used Vestar's November 2026 figure as the current plan.
- We are not aware of published data on how this specific center will affect nearby home values, so we do not predict any effect.
- Neighborhood figures are 12 month totals with small samples in places like Aviano and Fireside, so a few sales can move the medians.
Frequently asked questions
What is Black Mountain Village?
Black Mountain Village is a planned grocery anchored shopping center from Vestar on about 20 acres at the southwest corner of Deer Valley Road and Black Mountain Boulevard in north Phoenix. Vestar's November 2026 announcement describes about 120,000 square feet of retail anchored by a 65,000 square foot grocery store, plus restaurants, shops, and services.
Who bought the Black Mountain Village land and for how much?
Vestar bought the land at an Arizona State Land Department auction on November 5, 2026, for $10,350,000, according to the Phoenix Business Journal. Bidding started at $6,850,000, and Vestar won after trading bids with other bidders.
Where exactly is the Black Mountain Village site?
It is at the southwest corner of Deer Valley Road and Black Mountain Boulevard in the Desert Ridge area of north Phoenix. Some sources call the streets Deer Valley Drive and Black Mountain Parkway, but they describe the same corner.
Which grocery store will anchor Black Mountain Village?
No grocery operator had been announced as of mid November 2026. Vestar said tenant and timeline details would come in the coming months.
When will Black Mountain Village open?
No opening date has been announced. Vestar said planning and design were underway in November 2026, so any date before an official announcement would be a guess.
Is Black Mountain Village approved by the City of Phoenix?
Yes, the zoning was approved. The Phoenix City Council approved the rezoning, case Z-39-23-2, and a general plan amendment at its December 4, 2024 meeting, as reported by the Phoenix Business Journal. Site plans, permits, and tenant details still have to move forward before construction.
Why did neighbors oppose the shopping center?
Public comments and news coverage in 2024 raised traffic around Pinnacle High School, noise, delivery trucks, drive through activity, and whether a retail center fit the surrounding area. The city also received letters in support, and the zoning was approved in December 2024.
Which neighborhoods are closest to the Black Mountain Village site?
Fireside at Desert Ridge sits south of Deer Valley Drive between Black Mountain Boulevard and 40th Street, the same corner area as the site. Aviano, near Aviano Way and Deer Valley Road, is also nearby in ZIP 85050.
Will Black Mountain Village raise home values nearby?
There is no published data yet showing how this center will affect nearby home prices, and we would not predict it. Convenience to a grocery store can matter to buyers, while traffic and noise can matter too, and both effects depend on the specific street and home.
How big is the Black Mountain Village site compared with Desert Ridge?
The site is about 20 acres. Desert Ridge as a whole is a master planned community of about 5,700 acres with Phoenix addresses in ZIP codes 85050 and 85054, so the center is a small piece of the larger plan.
The bottom line
Black Mountain Village moved from a zoning approval to a land purchase this month. Vestar now owns the site, the zoning is in place, and the plan calls for a grocery anchored center of about 120,000 square feet. What is still missing is the part most people care about: which grocer, which tenants, and when. If you own or are shopping near Deer Valley and Black Mountain, it is worth following, and we are glad to talk through how it fits your plans at any price point.
Read more: Desert Ridge in North Phoenix: homes, prices, and what the master plan includes · Craig’s Crossing in Carefree: what the town has approved and what comes next
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Kyle Hermann
Associate Broker | Realtor®
602.814.7266
kyle@azluxurypartners.com
License BR665419000
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Cheryl Solano
CRS® | Realtor®
480.518.0181
cheryl@azluxurypartners.com
License SA541911000
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Art Buck
Associate Broker | Realtor® | CCIM
480.510.7689
art@azluxurypartners.com
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Arizona Luxury Partners | Real Estate Group at RE/MAX Fine Properties
Sources
- Phoenix Business Journal, Hailey Mensik, Vestar auction story, November 2026, as republished by ABC15 (November 6, 2026). Link
- Phoenix Business Journal, Hailey Mensik, same story as republished by KTAR (November 8, 2026). Link
- Phoenix Business Journal, original story, November 5, 2026 (paywalled; figures confirmed in the republished versions above). Link
- AZ Big Media (AZRE), Vestar acquires Black Mountain Village retail development site, November 10, 2026. Link
- City of Phoenix, City Council formal meeting, December 4, 2024, agenda item 78, rezoning application Z-39-23-2. Link
- Phoenix Business Journal, Audrey Jensen, zoning approved for Vestar retail center, as republished by ABC15, December 9, 2024. Link
- The Arizona Republic, Corina Vanek, north Phoenix shopping center proposal, February 23, 2024, as republished by Yahoo News. Link
- AZBEX, Vestar planning new north Phoenix retail center, August 2, 2023. Link
- Arizona Luxury Partners, Desert Ridge, Fireside at Desert Ridge, and Aviano pages, ARMLS via Flexmls, 12 months to November 2 and November 6, 2026. Link
- Arizona Luxury Partners, Phoenix 85050 and 85054 ZIP pages, November 11, 2026, and Phoenix page, November 6, 2026. Link
- Price per acre and premium over the starting bid calculated by Arizona Luxury Partners: $10,350,000 / 20 acres = about $517,500; $10,350,000 minus $6,850,000 = $3,500,000, or about 51% of $6,850,000.
All information provided is deemed reliable but is not guaranteed and should be independently verified. This article is for general information only and is not financial, lending, legal, or tax advice. Arizona Luxury Partners | Real Estate Group at RE/MAX Fine Properties, 21020 N. Pima Road, Scottsdale, AZ 85255. Brokerage License LC629808000. Equal Housing Opportunity.
