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MACERICH PLANS HIGH RISES AT SCOTTSDALE FASHION SQUARE MALL

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MACERICH FILES A REZONING APPLICATION AT FASHION SQUARE MALL

Macerich filed a rezoning application December 21 for redevelopment of Scottsdale Fashion Square Mall. Plans call to increase the building height to 150 feet and the square footage to top 3,200,000 square feet. This includes a high-rise that would take the place of the recently closed Camelview 5 cinema.

The proposed high-rise would include ground-level retail, which may include relocation of the Desert Stages Theatre and a “high end organic grocery store.”

Fashion Square Mall’s per square foot sales price is good for Top 10 most profitable malls in the U.S. Read more here.

 

BROADSTONE LINCOLN APARTMENTS SELL FOR $79 MILLION

The multi-family market stayed strong at year’s end. The 264-unit Broadstone Lincoln Apartments sold December 28th for $299,000 per unit. The Praedium Group was the recorded Buyer.

The apartment complex, located at the northwest corner of Scottsdale Road and Lincoln Drive and across the street from AJ’s Fine Foods, has been open for less than 2 years. It is an LEED-certified project with an outstanding location – a perfect mix of walkability to high-end retail and restaurants and a short drive to Downtown Scottsdale.

 

WHAT DOES THIS MEAN FOR CENTRAL SCOTTSDALE?

Downtown and Central Scottsdale have been quite aggressive in approving multi-family and other density-friendly projects. The market is responding with record purchases on the resale market, big dollar investment, and forward-thinking rezoning applications.

Smaller infill projects are a hot item for small to medium sized investors, and the family-friendly suburbs of Park Scottsdale, McCormick Ranch, and Scottsdale Ranch also benefit from the building-up of Scottsdale’s retail and entertainment core.

I’m interested in hearing your comments, so leave one below! If you have more specific questions about the market and current investment opportunities, fill out the form to send me a private message.

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