Calendar  ⋅  Departments  ⋅  Documents  ⋅  Employment  ⋅  Maps  ⋅  News  ⋅  Online Services  ⋅  Projects

Why are there so many vacant storefronts at the Oro Valley Marketplace?

The greatest challenge in filling those vacant storefronts at Oro Valley Marketplace (located at Tangerine and Oracle) is the lack of population density surrounding the shopping center. A recent market study, presented to Town Council in January 2018, shows that the Marketplace has a very low surrounding population density compared to similar retail properties. That density is the formula required by retailers to open their doors. For example, the average population for other Vestar properties in Arizona is 41,739 people per square mile. At the Marketplace, the density is only 18,547.

Increasing population density (see OV Fact Checker question about apartments along Oracle Road) is one of the ways Oro Valley can help its business community thrive while increasing the number of local retail services for residents. This is important because in lieu of a property tax, the Town of Oro Valley relies heavily on sales tax revenue to fund core services such as public safety, parks and roadways.

Oro Valley Marketplace is owned and managed by Vestar, a real estate manager and developer. Vestar and retail brokers are the ones who negotiate lease rates and agreements with tenants. The Town of Oro Valley is not involved in this private transaction process; however, the Town’s Economic Development Division works to ensure that potential businesses are aware of available space and the benefits of opening a business in Oro Valley.