Macerich and Dillard's Unveil Future Shopping Center Development
September 18 2008 - 10:00AM
PR Newswire (US)
Site Plan and Anchor Announced for Palisene in Northeast Phoenix
SANTA MONICA, Calif., Sept. 18 /PRNewswire/ -- Macerich(R)
(NYSE:MAC) today announced plans for the much anticipated northeast
Phoenix future retail development, Palisene, including a one
million square foot, retractable roof, enclosed regional shopping
center with Dillard's (NYSE:DDS) signing on as the first of four
planned anchors. Today's announcement continues the momentum of
Macerich's vision to deliver a market-driven, remarkable retail
central hub at the highly desirable northeast Phoenix, Scottsdale
Road intersection with an anticipated 2011-2012 shopping center
opening. The opportunity to create a nationally known retail
address at this site became possible earlier this year after
Macerich entered into a partnership with DMB, developers of the
adjacent mixed-use development, One Scottsdale, and then in April
acquired the land for Palisene from Arizona's State Land
Department. "We're making great strides in realizing our vision for
this high-profile Scottsdale Road intersection," said Art Coppola,
CEO for Macerich. "Dillard's commitment is a superb testimonial to
this location and the idea of Palisene -- a regional shopping
center that will perfectly complement One Scottsdale's luxury
retail offerings across the street." Palisene will feature a
shopping center marked by creativity and innovation. The center's
design includes a potential retractable roof offering shoppers the
best of both worlds. Though Palisene may be built as an enclosed
center, the design would allow the desirable attributes of an
outdoor center including concrete sidewalks or pavers in the place
of tile, plush landscaping on the interior as well as the exterior
and store fronts designed as typical street front shops. The retail
portion of the mixed-use Palisene begins with Dillard's committing
as one of four planned anchors at the center. "Aligning with
Macerich to deliver Palisene is the prime opportunity for Dillard's
to enter this blossoming northeast Phoenix market," said Dillard's
Chief Executive Officer, William Dillard, II. "This will be a
powerful retail address in Phoenix and a strategic location for
Dillard's to deliver a very strong store." A focus on energetic
mixed-uses will be a key feature of the Palisene project, with
plans to include unique dining options for this affluent market,
world renowned hotels, Class A office and a compelling list of
one-of-a-kind amenities. "The shopping district we are offering
retailers at this Scottsdale Road address is unprecedented," said
Coppola. "The Palisene and One Scottsdale vision will be on the map
as one of the greatest retail hubs in the west." 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 86% 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
72 regional malls. Additional information about Macerich can be
obtained from the Company's Web site at http://www.macerich.com/.
Dillard's, Inc. is one of the nation's largest fashion apparel and
home furnishing retailers. The Company's stores operate with one
name, Dillard's, and span 29 states. Dillard's stores offer a broad
selection of merchandise, including products sourced and marketed
under Dillard's exclusive brand names. More information about
Dillard's, please visit http://www.dillards.com/. DATASOURCE:
Macerich CONTACT: Anita Walker of Macerich, +1-602-953-6550; or
Julie Bull of Dillard's, +1-501-376-5965 Web site:
http://www.macerich.com/ http://www.dillards.com/
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