Santa Monica Place Redevelopment Wins Full Approvals
December 20 2007 - 6:00AM
PR Newswire (US)
Key Entitlements Pave Way for Planned 2009 Re-opening SANTA MONICA,
Calif., Dec. 20 /PRNewswire-FirstCall/ -- Macerich(R) today
announced completion of the entitlement process for its
much-anticipated Santa Monica Place redevelopment, which will
transform the enclosed traditional mall into a modern, open-air
retail and dining destination in the heart of vibrant downtown
Santa Monica. Within the last week, Macerich (NYSE:MAC) received
green lights from both the California Coastal Commission and the
City of Santa Monica's Architectural Review Board. The two
decisions, on top of unanimous approval from the Santa Monica City
Council earlier this fall, pave the way for a planned fall 2009
opening for the new Santa Monica Place. "Next door to the Third
Street Promenade and two blocks from the ocean, Santa Monica Place
is the best new retail location coming on line in Southern
California," said Randy Brant, Executive Vice President, Real
Estate for Macerich. "With top retailers, extraordinary design and
detail, plus a signature rooftop dining deck with incredible views,
the new Santa Monica Place will rival the region's most successful
shopping destinations." Current plans are to close the existing
center on January 31, 2008, and start construction in spring 2008.
"Bringing a dynamic new shopping environment to Santa Monica is
particularly important to our company, which has been headquartered
right here in Santa Monica for nearly 30 years," said Brant.
Macerich's new concept for Santa Monica Place will bring a fresh
and relevant retail experience to this famed location -- and
connect the 550,000 square foot center with the thriving urban
districts that surround it. The innovative design takes the roof
off the existing center in an adaptive reuse that will become a
pedestrian-oriented, three-level streetscape. The approved project,
which has earned wide support among local residents and civic
leaders, comes at the end of protracted discussions across the city
about the right design for this highly engaged, high profile
community. The new Santa Monica Place will draw shoppers from many
sources: From its affluent primary trade area -- bordered by Marina
Del Rey, the 405, Beverly Hills, the Santa Monica Mountains and the
ocean itself -- to the City's strong visitor mix that includes
nearly 5 million each year -- the center will serve an enviable set
of socially-conscious, smart and worldly consumers. Average per
capita incomes are extremely high, reaching $49,356 in the primary
trade area, which equates to spending power, according to a report
by Jeff Green Partners/Retail Focus. The same report cites average
household incomes that top $100,000 across the total trade area;
and in Santa Monica's prestigious "North of Montana" district,
average household income is $195,000. Downtown Santa Monica itself
is expected to grow by 12% over the next five years. "The
sophisticated market in Santa Monica is ready to embrace a new
high-quality mix of retail offerings -- and we've heard from many
of the world's top retail names that this is exactly where they
want to be," said Bob Williams, Senior Vice President, Leasing for
Macerich. 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: Anita
Walker of Macerich, +1-602-953-6550 Web site:
http://www.macerich.com/
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