Ari Silverberg, senior director of development for General Growth Properties, tells GlobeSt.com that Macerich's property is an enclosed mall while the new development, Pinnacle Hills Promenade, will be an open-air mall with a more upscale tenant mix.
"We are pleased to be returning to Northwest Arkansas," says Silverberg. "Pinnacle Hills Promenade will raise the bar for shopping, dining and entertainment in this region and will appeal to the sophisticated Arkansas consumer."
The early plan is to break ground for the estimated $100-million project in early or mid 2005 and open the center in the fall of 2006. The only signed anchor so far is Arkansas-based company Dillard's Inc, who committed to the project last month. Dillard's will build a two-level, 155,000-sf department store that General Growth Properties says will be flanked by "some of the nation's most fashionable tenants."
There is currently a Dillard's at the Northwest Arkansas Mall. Dillard's spokeswoman Julie Bull tell GlobeSt.com the company "has no plans to close its Fayetteville store."
The Promenade will be situated next to the Northwest Arkansas Mercy Hospital and Trauma Center, and will be in close proximity to the John Q. Hammons Hotel and Convention development, which already includes a 265-room Embassy Suites, with future phases to include a 100,000-sf convention center and a second, full-service hotel. Also in the area are several mid-rise class A office buildings, Pinnacle Country Club and several luxury housing developments.
"Business is rapidly expanding in this region of the US which brings with it a demand for a development like Pinnacle Hills and amenities like Pinnacle Hills Promenade," says Bill Schwyhart of the Pinnacle Group. "According to leading economic indicators, we are ideally situated at the epicenter of growth for the region.
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