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Macerich Has Plans for Multifamily Residential Development at Scottsdale Fashion Square

By February 16, 2023No Comments

By Ron Davis | Phoenix Business Journal

Macerich, the operator and owner of many of Phoenix’s top malls, is looking to round out the surrounding areas of some of their shopping destinations with class A office buildings and multifamily housing.

Plans are in the works for up to 750,000 square feet of new office development in two prominent areas of the Phoenix metro, Macerich CEO Tom O’Hern said during a fourth quarter of 2022 earnings call earlier this month.

“At Biltmore Fashion [Park in Phoenix], we’re advancing plans for a 10-story, 250,000-square-foot class A office tower, including best-of-class retail and food and beverage. Plans are also evolving for a 250-unit luxury apartment complex at Biltmore,” O’Hern said.

“At Scottsdale Fashion Square, we’re moving forward with plans for multifamily, residential and up to 500,000 square feet of class A office. This is in addition to the re-merchandising of the Nordstrom wing with luxury brands and dining, which is well underway. “

So far, no plans for the projects have been filed with the cities of Phoenix or Scottsdale, said Scott Nelson, senior vice president of real estate development for Macerich. He added that Macerich will work over the next 18 to 24 months to iron out a site plan and figure out exactly what it looks to develop around these malls. Price points and the architecture firms Macerich will work with have not been determined.

“We continue to determine what the appropriate program is and the right mix of uses,” Nelson said. “Anything we look to do to add to the campus and real estate is always in the vein of how do we drive more bodies, wallets, activity, vibrancy to that golden goose [of a] shopping center.

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