Glam Renovation Planned for Scottsdale Shopping Mall
- Dec 07, 2016
Scottsdale, Ariz.—Macerich has big plans for its most upscale shopping center in the Greater Phoenix area.
The Santa Monica, Calif.-based retail developer and operator is set to embark on a phased project that aims to enhance the iconic Scottsdale Fashion Square, one of the top 10 most profitable shopping malls in the country.
“Macerich is capitalizing on the strong growth in Scottsdale and greater Phoenix to enhance our market-dominant retail property. Already Scottsdale Fashion Square is the region’s undisputed luxury leader, and we see significant opportunity to better serve this attractive and buoyant metropolitan area for the long term,” said in a prepared statement Art Coppola, Macerich chairman & CEO.
Phase I of the project, which calls for a complex renovation of the mall’s luxury wing anchored by Neiman Marcus, is scheduled to break ground next year, with the project expected to be complete in fall 2018. Dubbed The Luxury Collection at Scottsdale Fashion Square, this stage of construction will include a new entrance and arrival point on Goldwater Boulevard, two-story storefronts and exterior facing retail buildings and restaurants.
The following phases will include new high-end housing, a new Class A office building and a new luxury hotel built on the north side of the shopping center. These new constructions are expected to maximize the mall’s position at the heart of upscale Scottsdale and boost traffic north of the shopping center.
In order to boost the shopping experience at Scottsdale Fashion Square, Macerich included upscale amenities in this massive renovation project that’s estimated to cost around $200 million: dedicated luxury valet, private lounge, platinum-level concierge and personal shopping experts and style consultants for VIP visitors.
According to Macerich, the Scottsdale Fashion Square shopper has an average household income of $116,000, significantly higher than the total trade area of $76,000. Scottsdale Fashion Square is also the home of Zivelo, one of the fastest growing tech companies in the U.S. Other major tech companies such as Yelp, Zenefits, Intel, Raytheon Co., Honeywell International and Go Daddy—all of which boast almost 34,000 combined employees—are located near the shopping mall.
Completed in 1961 and located at 7014 E. Camelback Road, Scottsdale Fashion Square was originally built as a three-story open-air structure anchored by two local Phoenix stores. In 1977, the competing Camelview Plaza was built west of Scottsdale Fashion Square. Several years later, the two malls’ owners agreed to connect the venues by a two-story retail bridge across North 70th Street. The malls continued to operate as separate entities until 1996, when Westcor—a subsidiary of Macerich—acquired Camelview Plaza and renamed the entire shopping plaza into Scottsdale Fashion Square.