Facts are stubborn, but statistics are more pliable.
Jan 7, 2016, 7:00am MST Eric Jay Toll Reporter Phoenix Business Journal
Macerich planning high-rises over old Camelview Theater at Scottsdale Fashion Square
Scottsdale Fashion Square is going big on the site of the former Harkins Camelview 5.
Macerich is seeking the city’s approval for a 150-foot height limit for a high-rise residential development.
The plan is consistent with the city’s general plan and development vision for the area north of the Arizona Canal on both sides of Scottsdale Road.
Adding residential density to downtown Scottsdale will continue to strengthen Fashion Square’s success and maintain revenue for the city, according to Macerich.
The shopping center generates 70 percent of the retail sales tax in central Scottsdale, according to
The area north and east of Arizona Canal is already conditionally permitted for building heights to 150 feet. The first such project, Blue Sky, has never gone vertical.
The Macerich proposal, which is just entering the public hearing process, will take Fashion Square from its current 2.4 million square feet of mall and accessory development to 3.2 million square feet.
The 150-foot tower north of the mall on the site of the recently closed Camelview 5 art-house cinema will be a mixed-use development with ground-level retail — with a possible grocer — topped by office and residential. Macerich’s proposal suggests the food store would be a high-end organic grocer.
The development plan limits heights to 90 feet north and west of the Camelview parking structure and to 45 feet fronting 69th Street south of Highland Avenue.
The 150-foot development zones spans both sides of Goldwater Boulevard and the south side of Highland Avenue between Goldwater Boulevard and Scottsdale Road.
The area south of Nordstrom’s retains a 90-foot height limit.
The luxury shopping mall is one of the strongest retail centers in the western U.S., and has maintained solid growth despite sales fall-off at enclosed malls across the country. According to Macerich, Fashion Square’s $740 sales per square foot ranks it in the top 10 most profitable malls in the U.S.
Santa Monica-based Macerich (NYSE: MAC) is completing a 142,000-square-foot expansion resulting in a brand-new Harkins cinema, a new food court and additional retail space.
Eric covers economic development, banking and finance, infrastructure, transportation and utilities.
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