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Jul 27, 2017, 2:01pm MST
Scottsdale Fashion Square owner Macerich (NYSE: MAC) has been giving hints here and there as to what’s in store for its multimillion-dollar renovation of the mall’s luxury wing.
We now have a few more details as to what will be happening for the next 18 months.
The 1.9 million-square-foot mall is giving the luxury wing — which runs from Palm Court to Dillard’s — a complete makeover from head to toe.
“The history of Fashion Square has been a story of complete evolution and growth,” said Scott Nelson, senior vice president of real estate services for Macerich. “This is phase 12 of all the renovations we’ve done at the mall.”
Third Quarter 2017
The floor tiles and drywall ceilings will undergo demolition and be replaced with new tile with white marble accents, new column treatments and ceilings, starting next to Palm Court and then move west, with work occurring at night. A new modern handrail will be installed across the second floor, and there will be new seating vignetters and walking bridges on the second floor will be straightened. The demolition will occur in tenting to avoid dust traveling through the center.
Fourth Quarter 2017
There will be a behind-the-scenes buildout of new resort-style restrooms, a new escalator and elevator near Dillard’s.
There will be new restaurant pads built on the outside of the wing. A large portion of Fashion Square tenants, as well as new tenants that Macerich seeks out, are first to market. That will be the same case for the restaurants, though there will be some local restaurants joining as well — “the best of the best,” according to Kim Choukalas, vice president of leasing for Macerich.
First Quarter 2018
Tile installation begins, and shops and restaurants will undergo construction. The new escalators and elevator will be operational, and the previous escalators and elevator will be demolished.
Second Quarter 2018
Major construction will begin on the mall’s northern entrance. The idea for the exterior of the luxury wing is to mimic that of a resort, which Macerich is calling a “grand promenade,” with restaurants, palm trees, gardens that lead up to a fountain, luxury valet, and an enhanced parking garage.
“This area has historically been a back door,” said Nelson.
Third Quarter 2018
New retailers undergo construction. Choukalas said that some retailers that don’t fit the luxury wing characteristics will move, and other retailers may change their spaces. Macerich’s team has not disclosed which retailers will be coming in, but they have given some hints.
“As leases expire, we’ll have an opportunity to redefine this area,” she said.
There will also be a new anchor coming in to the former Barney’s space.
“Unfortunately Barney’s didn’t go as well as planned,” said Nelson. “But this new anchor will be a huge traffic driver.”
Retailer Louis Vuitton is remodeling its flagship location there as well.
The renovations are slated to be complete in the fall of 2018. Nelson said once the renovations are done, Macerich will have retouched every inch of the mall, which is currently 97 percent occupied.
Steven covers retail, restaurants, hospitality/tourism as well as aviation, small business and nonprofits.
SEE IT ALL WITH SLIDESHOW: https://www.bizjournals.com/phoenix/news/2017/07/27/heres-a-peek-into-scottsdale-fashion-squares.html
Phoenix Commercial Real Estate and Investment Real Estate: Investors and Owner / Users need to really know the market today before making a move in owner user Commercial Properties, Investment Properties and land in Phoenix / Maricopa County, Pinal County / Arizona, as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial Properties and Investment Properties. I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also internationalClick here to find out what is a CCIM: https://en.wikipedia.org/wiki/CCIM
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- DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
- The average age of the population is 34 years old.
- The health cost index score in this area is 102.1. (100 = national average)
- Here are some of the distributions of commute times for the area: <15 min (22.7%), 15-29 min (36.8%), 30-44 min (25.1%), 45-59 min (8.6%), >60 min (6.8%).
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