“Middle age is when your age starts to show around your middle.”
– Bob Hope
Arizona’s largest shopping mall may get even larger in the coming months.
Santa Monica, Calif.-based Macerich Co. (NYSE: MAC) is planning a major expansion of Scottsdale Fashion Square mall that includes a bigger movie theater, additional retail space and more underground parking.
Macerich must first get the green light from the city of Scottsdale’s Development Review Board, plus necessary construction permits. That process was already underway as of late last week when the project’s architect, Nelsen Partners Inc., submitted the site plan application. Click here to see the application.
Scott Nelson, vice president of development for Macerich, told me today they were hoping to get DRB approval before the end of the year. He declined to disclose the cost of the project but said they’re aiming for a 2015 opening.
According to the application, the expansion would bring another 141,600 square feet of space to the mall’s northeast corner, behind the Barney’s New York store that was added in 2009.
The bulk of that space, 91,700 square feet, would be used for a second-level state-of-the-art theater complex that Nelson said would most likely be operated by Scottsdale-based Harkins Theatres.
Nelson said Macerich believes this component is key to boosting the energy and shopper-count at Fashion Square.
“This isn’t going to be a run of the mill theater you’d find in the suburbs,” he said.
The remaining space would serve as additional ground-level retail, which Nelson said could either be occupied by one big user or split up for several users. He said Macerich was currently in talks with potential retailers for this space.
Kristena Hansen covers residential and commercial real estate.
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