Scottsdale Fashion Square owner Macerich says more renovations … – The Arizona Republic

New upgrades are coming to Scottsdale Fashion Square, with plans for a renovation of the shopping center’s luxury-focused south wing, mall owner Macerich announced Thursday.
The remodeling projects will extend roughly from the mall’s food court to the Nordstrom department store. They include a redesigned arrival area with luxury valet service; new, two-story storefronts; exterior-facing retail buildings; and room for up to five new restaurants. The renovation project will include natural-stone flooring, customized light fixtures, high-end furnishings and more.
The shopping center will remain open during construction, which will start soon and wrap up in late 2024. “It’s part of a multidimensional redevelopment of the property,” said Andy Greenwood, a Macerich vice president of development.
Macerich didn’t disclose how much it plans to spend on the two-year renovation project.
A luxury wing added to the northwest side of Scottsdale Fashion Square in 2018 has attracted various retailers and restaurants over the past four years, including Dior, Saint Laurent and Nobu, to complement others previously located at the mall, such as Louis Vuitton, St. John, Jimmy Choo and Bottega Veneta.
“Tremendous success of our luxury wing demonstrates the strong appetite among retailers and shoppers for even more high-end experiences,” said Tom O’Hern, CEO of California-based Macerich, in a prepared statement.
Other changes coming to the 60-year-old mall include a new Life Time fitness center in January 2023 and the opening of Caesars Republic Scottsdale, a boutique hotel, in March 2024, said Kimberly Choukalas, senior vice president of leasing at Macerich.
Also, the company is developing a 7-acre parcel just north of the mall, with plans to include high-end residential units, office space and lodging.
Despite a recent jump in interest rates and signs pointing toward lower economic growth, if not a recession, retail tenants at the mall “feel comfortable about their commitments going forward,” Choukalas said.
Scottsdale Fashion Square features 1.9 million square feet and more than 240 shops and restaurants. Department stores include Neiman Marcus and Nordstrom.
Macerich operates nine regional shopping centers around the Phoenix area, including Biltmore Fashion Park, Kierland Commons, Arrowhead Towne Center and Chandler Fashion Center.
More than other properties, Scottsdale Fashion Square attracts shoppers from around metro Phoenix as well as tourists from other states and countries, Choukalas said. “This mall touches the whole Valley,” she said.
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Macerich also has pared its Arizona portfolio a bit. The company sold the site of Paradise Valley Mall, which is being redeveloped, and Tucson La Encantada for roughly $265 million combined in separate transactions last year, using the proceeds to pay down debt. Macerich bought a 5% stake in the joint venture that acquired the Paradise Valley Mall site in north Phoenix. 
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