Westcor Partners, a Phoenix-based commercial developer, announced that the opening of Prescott Gateway, a 623,000-sf regional mall in Yavapai County, will be March 8, 2002. Westcor started work on the mall, which is at the intersection of Highway 69 and Lee Boulevard just outside of Prescott, in May and is on schedule for construction and ahead of schedule for leasing, says company officials.

The developer has signed two major tenants to date--Dillard's for 98,000 sf and Sear's for 100,000 sf--and is looking for a third anchor tenant. The 623,000-sf mall will have approximately 80 stores.

Prescott Gateway will be the first regional mall to be built in northern Arizona. Westcor expects to draw clients from the nearby city of Prescott, Prescott Valley, Chino Valley and other smaller surrounding communities.

The demographics of the area indicate that a regional mall will be a success, say Westcor representatives. The new mall is located adjacent to The Ranch at Prescott, a major master-planned community near Prescott. Prescott has a population of more than 100,000 and one of the fastest growing rural cities in the state. The population is expected to grow by another 15,000 over the next four years.

Currently, there's only 1.5 million sf of retail space within a 30-mile radius Prescott, which equates to 13.2 sf per person. That is a relatively low figure when compared to the average rate of retail space found in Arizona, which is 21.2 sf of retail per person and 15.8 sf per capita nationwide.

Prescott is approximately 100 miles northwest of Phoenix and is the largest city in Yavapai County.