Here is a surprising bit of news, given the state of the economy: The real estate investment trust Macerich announced plans yesterday for a retail development in northeast Phoenix. To be called Palisene, the regional shopping center may include a one-million-square-foot retractable roof.
Saying that Dillard’s will be one of four anchors, Macerich reports that it expects a 2011-2012 opening of the center, to be located at what the company terms “the highly desirable northeast Phoenix, Scottsdale Road intersection.”
Early plans call for plush landscaping inside and outside and store fronts that will be designed to look like those of street-front shops. Expanded plans include hotels and Class A office space.
Perhaps in a fit of hyperbole, the Macerich CEO said that Palisene and an adjacent development known as One Scottsdale “will be on the map as one of the greatest retail hubs in the west.”
Well, that remains to be seen, but it must be noted that this is a bullish move in a decidedly bearish market.
Based in Santa Monica, Calif., Macerich owns millions of square feet of gross leasable space in 72 regional malls.