CRE MarketBeat reported that VAC Development has started construction on The Cliff, a $100 million redevelopment of a 10-acre, 100,000-square-foot office property in the Green Valley Ranch area. The work followed a transaction at the end of August in which a VAC-led joint venture acquired and recapitalized the property, with CAST Capital Partners remaining as a partner. Construction began September 1, and ownership is targeting delivery to tenants in the second quarter of 2027.
The publication framed the deal for capital providers, writing that the recapitalization points to continued equity appetite for experiential adaptive reuse, and that a committed tenant lineup and a set delivery window give investors a clearer underwriting path despite pressure on office assets. New tenants Visual Comfort, Pvolve and BODYROK join Arhaus, The Taco Stand, Lyte House, The Barista Botanist and Killer Whale Creamery, a mix the article described as spanning home furnishings, fitness, food and beverage and specialty retail.
The entertainment side drew attention as well. Plans call for bands, DJs, comedy and karaoke, along with car shows, seasonal markets and arts and crafts fairs. According to the ownership group, that programming is meant to support recurring events beyond what a traditional retail center offers, and the article said the tenant mix aims to draw both daytime and evening traffic.