Macerich Announces Mixed-Use Expansion At Scottsdale Fashion Square
December 5, 2016
SANTA MONICA, Calif. – Macerich (NYSE: MAC), one of the nation’s leading owners, operators and developers of one-of-a-kind retail properties in top markets, today announced a phased project to further enhance the iconic Scottsdale Fashion Square. Plans include a renovation of the luxury wing followed by the addition of residences, class A office space and a new hotel to maximize the property’s position at the heart of upscale Scottsdale.
The first phase of this multi-dimensional project will update and redefine the luxury wing anchored by Neiman Marcus. Scottsdale Fashion Square will further develop its luxury presentation with a striking new entrance and arrival point, two-story storefronts, and exterior-facing retail buildings and restaurants that will elevate and enhance the offerings for luxury retailers. Construction will begin in 2017 with
“Macerich is capitalizing on the strong growth in Scottsdale and greater Phoenix to enhance our market-dominant retail property. Already Scottsdale Fashion Square is the region’s undisputed luxury leader, and we see significant opportunity to better serve this attractive and buoyant metropolitan area for the long term,” said Art Coppola, Chairman
The luxury renovation and added mixed-use elements will complement key investments in other aspects of the shopping center, including refinements and updates to the contemporary wing anchored by Nordstrom and the property’s entertainment/young fashion wing anchored by the new Harkins Theatre. Plans also include the addition of
Current development plans include a dramatic, high-visibility arrival point off Goldwater Boulevard, creating a grand entry into the luxury wing, which will be flanked by sweeping, two-level luxury flagships and an internationally acclaimed restaurant with spill-out café seating. Among the elevated amenities for visitors will be a dedicated luxury valet with a private lounge and house car, platinum-level concierge, personal shopping experts and style consultants, bespoke art installations and fine furnishings, resort-level restrooms, plus a signature fountain and lush gardens influenced by renowned landscapes from around the world.
“Scottsdale Fashion Square has long been synonymous with luxury in the Southwest, with more than 40 of the finest luxury and contemporary brands including Cartier, Bottega Veneta, Louis Vuitton, Gucci, Tiffany & Co., Bulgari
Already, luxury leader Louis Vuitton has signed a new long-term lease at Scottsdale Fashion Square with plans for a major store renovation in 2017. “We’re very excited about Macerich’s plans for Scottsdale Fashion Square,” said Anthony Ledru, CEO of Louis Vuitton Americas. “The luxury market in Arizona is strong and on the rise, and this property is the right real estate in the region for our brand.”
When it first opened in 1961, Scottsdale Fashion Square was an open-air center that featured Goldwater’s Department Store and a handful of specialty shops. Today, with four anchor department stores and more than 200 shops and restaurants, Scottsdale Fashion Square is one of the premier shopping destinations in the country with total annual sales exceeding $650 million. The property serves as the anchor to the downtown Scottsdale commercial district and is an important economic engine for the City of Scottsdale: From 2012 to 2015 the property contributed nearly $50 million in sales tax revenue to the City.
Macerich is currently planning the addition of mixed-use elements at Scottsdale Fashion Square on a seven-acre parcel immediately north of the mall that reaches from Goldwater Boulevard to Scottsdale Road. The plan will incorporate high-end residential units, class A office space and hospitality uses. As has been experienced at other Macerich properties, the addition of these complementary uses further extends the customer base and sales potential for retailers within the shopping center.
Macerich’s retail real estate credentials in Arizona are unparalleled: The company dominates the retail landscape in Arizona with 10 regional shopping centers, including nine in the Phoenix metro area. In all, Macerich’s Arizona portfolio comprises over 9 million square feet and includes the most iconic and high-performing retail properties in the Southwest – Biltmore Fashion Park, Kierland Commons, Arrowhead Towne Center and Chandler Fashion Center. These centers and their retail stores employ thousands of people and generate millions of dollars of revenues for their communities.
Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development