New York-based JEMB Realty Corp. is redeveloping the Scottsdale Galleria, a 600,000-sf former mall in the heart of upscale Scottsdale. JEMB plans to convert the space into the Technology Center of Scottsdale, a mixed-use facility that will include 312,000 sf of office space, 164,700 sf for telecommunications and 130,000 sf of retail space.
"Considering the length of time the Galleria was vacant and the various ideas that were discussed for dealing with it, this is one of the most exciting revitalization projects in Scottsdale," says Pete Bolton, senior managing director of CB Richard Ellis, which has been hired as the listing agent on the project.
The conversion of the mall, at the southeast corner of Scottsdale and Camelback roads, is scheduled for completion by year end.
The opulent mall was built in the late 1980s and was a failure almost from the start. The project was built just blocks away from the Scottsdale Fashion Mall, the most successful retail center in the Valley, but never pulled nearly the same traffic. Limited surface parking and a convoluted underground parking entrance doomed the project. All but a few shops closed down or pulled out by the early 1990s, and it's been a white elephant in the center of Scottsdale ever since.
The mall has gone through several ownership groups and just as many ideas for its redevelopment. Just last year, Scottsdale officials were touting it as the site of the first satellite museum of the Smithsonian, but the project never materialized.
For related news, click on: Telecom Hotel and Parking Proposed for Downtown Jones Store Site
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