The Promenade at Casa Grande Launch a Success
November 16 2007 - 11:49AM
PR Newswire (US)
Ground-up regional town center meets market-driven demand in Pinal
County, Ariz. PHOENIX, Nov. 16 /PRNewswire-FirstCall/ -- A Pinal
County, Ariz., regional lifestyle destination today celebrates the
debut of the long-awaited first phase. The Promenade at Casa
Grande, at build out, will offer more than a million square feet of
shopping, dining and entertainment to previously underserved
region. More than 500,000 square feet of the shopping center opened
this fall, including Dillard's, Target, Kohl's, JCPenney, PetSmart,
Staples and Harkins Theatres. The open-air, phased Promenade at
Casa Grande meets the need for retail in Pinal County and brings
many first-to-market merchants to the region. The center sits on
130 acres and is strategically situated off one of the state's
primary freeway corridors in an emerging hot spot between Arizona's
two major metropolitan hubs of Phoenix and Tucson. In addition to
this fall's openings, this well-positioned project will deliver
other large-format retailers, specialty shops and restaurants in
the spring. "This project is part of a long-term strategic plan to
bring market-driven retail developments to Arizona," said Art
Coppola, president and chief executive officer, Macerich(R)
(NYSE:MAC). "The integrated center will serve as a catalyst for
economic vitality in Pinal County. It is perfect for the market and
serves the needs of the community now and into the future." The
Promenade at Casa Grande is a part of the deep Arizona development
pipeline delivered to the state by Santa Monica, Calif.-based
Macerich. The project is a result of a partnership between WDP
Partners and The Pederson Group, both of Phoenix, and Macerich's
Phoenix-based Westcor division, which has a 40-year heritage built
on ground-up shopping centers primarily in Arizona. "The Promenade
at Casa Grande is a unique project and stands in a class of its own
across the entire Pinal County region," said Todd Chester,
principal, WDP Partners. "The vast majority of the center's
retailers are first-to-market -- making this truly a regional
destination." Pinal County has enjoyed an incredibly high influx of
new residents in the last two years -- bringing the current
population near 300,000. Given the lack of other retail options in
the area, The Promenade at Casa Grande's trade area encompasses a
broader scope than most shopping centers. Additionally, the center
benefits from the tens of thousands of travelers passing the site
on the freeway going between Phoenix and Tucson. Dillard's opened
in late October with much community fanfare. Dillard's Chief
Executive Officer, William Dillard, II, commented, "The Promenade
at Casa Grande is allowing Dillard's to bring exciting and
fashionable choices to the area's growing population. This location
is perfectly positioned. We believe the store's tone focused on
upscale and modern fashions is an excellent fit for the center."
The coming months will bring many more retailers, such as Best Buy,
Bed Bath & Beyond, Ross Dress for Less, In-N-Out Burger, Lane
Bryant, Olive Garden, Shoe Pavilion, Sports Authority, Cost Plus
World Market, Michaels and many more. "We expect the size and scope
of The Promenade at Casa Grande to encourage a positive economic
ripple effect in other sectors, such as industrial and office
parks," said Andrew Clegg of The Central Arizona Regional Economic
Development Foundation. "One of the primary things employers look
for is amenities, such as first-rate retail, when considering
moving a business. Our clients are extremely enthusiastic about
this dynamic retail project and the offerings it brings to our
community." 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, +1-602-377-7540, , or Anita Walker, +1-602-828-3318, , both
of Macerich Web site: http://www.macerich.com/
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