Macerich Debuts SanTan Village
October 26 2007 - 5:00AM
PR Newswire (US)
Ground-up regional shopping center sets stage for Phoenix-area
pipeline PHOENIX, Oct. 26 /PRNewswire/ -- The centerpiece of a
flourishing retail corridor emerged today with the official Grand
Opening of SanTan Village -- a new super-regional shopping center
at the core of a 500-acre, mixed-use development. SanTan Village,
an open-air hybrid lifestyle center, spans 1.2 million square feet
of gross leasable area. It sits at the center of an integrated
project that, upon build out, will encompass 3 million square feet
of retail, restaurants, entertainment, office space, residential
and hotel uses. This retail destination is strategically situated
in one of the nation's fastest-growing areas in Gilbert, Ariz.,
just southeast of metropolitan Phoenix. This innovative development
offers an unparalleled design and blends the best elements of a
lifestyle center with traditional department stores, approximately
130 specialty shops and restaurants, a multiplex theater, an
enclosed food court, large-format users and pedestrian-only areas
balanced by roadways and curbside parking for shoppers. Retailers
are clustered in neighborhoods allowing synergy between them and
adding convenience for shoppers. Today, more than 85 retailers and
restaurants opened, including Dillard's, Banana Republic, Coach,
White House/Black Market, Aeropostale, Pumpkin Patch, Victoria's
Secret, lucy, Gordon Biersch Brewery Restaurant, Paradise Bakery
& Cafe and Ann Taylor. About 100 retailers will be open by
year's end, and the balance of the project opens in 2008, including
Dick's Sporting Goods, Brio Tuscan Grille, Barnes & Noble and
Sephora. "Our ground-up developments are about creating the right
project in the right place at the right time," said David C.
Scholl, senior vice president, development, Westcor, a subsidiary
of Macerich(R). "When we set out to build this project, we
envisioned a truly integrated destination that balances a top-tier
retail lineup with an environment that is comfortable and
sustainable. We are very pleased with the way SanTan Village brings
to life this vision." SanTan Village is the first of several
ground-up super regional shopping centers Santa Monica,
Calif.-based Macerich(R) (NYSE:MAC) will deliver to metro Phoenix.
The development was overseen by its Phoenix-based Westcor division,
which has a 40-year heritage built on such projects, primarily in
Arizona. "Arizona is more than a development opportunity for
Macerich. It is a market that we are committed to on all levels,
and SanTan Village continues the Westcor legacy of innovative,
market-driven development," said Art Coppola, Macerich, president
and chief executive officer. "SanTan Village epitomizes the
convergence of retail formats," Coppola said. "This project is
perfect for the current market and includes today's wide range of
retail formats. The development also preserves opportunities to
evolve as the area and industry changes." Located in an affluent
and family focused market, SanTan Village's design reflects careful
study of demographics and insights that retailers and residents
shared in early planning. The center features top-tier retail
offerings and emphasizes convenience, comfort and varied amenities
-- such as generous landscaping, water elements, a fire pit, areas
for children to play, water features, bike racks and an enclosed
food court with wireless Internet. SanTan Village's urban
streetscape includes 90,000 square feet of Class A second-story
office space. It has the widest array of dining options Westcor has
ever assembled in a single center. In addition to the food court,
the project will deliver up to 13 individual restaurants --
representing more than 100,000 square feet of sit-down dining
options. "SanTan Village sits at the core of a burgeoning retail
corridor in what remains one of the nation's fastest growing
municipalities. It is destined to intensify the attractiveness and
desirability of the area," said Dr. Jay Q. Butler, director of
Realty Studies Morrison School of Management and Agribusiness at
Arizona State University's Polytechnic Campus. "Westcor's retail
destinations represent a high-level of quality, and this project
ensures the area's continued success." Founded in 1969,
Phoenix-based Westcor is a wholly owned subsidiary of Macerich. The
largest owner-manager of commercial properties in Arizona,
Westcor's portfolio currently consists of 16 million square feet of
retail space at 28 shopping centers, including 11 super-regional
centers, 3 specialty retail centers and 14 urban villages. The
company has set the industry benchmark for ground-up shopping
center development, such as Chandler Fashion Center, Prescott
Gateway Mall and Scottsdale Fashion Square. Additional information
about Westcor is available online at http://www.westcor.com/.
Macerich is a fully integrated self-managed and self-administered
real estate investment trust, which focuses on the acquisition,
leasing, management, development and redevelopment of regional
malls throughout the United States. The company is the sole general
partner and owns an 84% ownership interest in The Macerich
Partnership, L.P. Macerich now owns approximately 77 million square
feet of gross leaseable area consisting primarily of interests in
73 regional malls. Additional information about Macerich can be
obtained from the Company's Web site at http://www.macerich.com/.
DATASOURCE: Macerich CONTACT: Christine Romero, +1-602-953-6550, ,
or Anita Walker, +1-602-828-3318, , both of Macerich Web site:
http://www.macerich.com/ http://www.westcor.com/
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