It's the Spectrum Mall of outdoor shopping centers. Like someone saw Anthem Outlets, Tempe Marketplace, and Westgate, wanted something similar, and gave up less than halfway through. There are only like 2-3 decent places to go to, and nothing else. And one of those places is a chain restaurant (Kona Grill). The decor is terrible. The design encourages driving through it when it should be nice, round walkable space. The entire street is colorless and unattractive.
This is a perfect example of why so many people say Phoenix has no character or sense of taste. This is just a structure erected as quick as possible to capture all the income being spent outside the surrounding neighborhoods, and I hope it becomes a worthwhile destination someday. I won't keep my fingers crossed.