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Macerich Expands Phoenix Mall

PHOENIX-The Macerich Co. says exterior renovations will wrap up by year's end on the 1.4-million-sf Metrocenter.

By Amy Wolff Sorter | Updated on October 03, 2005

PHOENIX-The first phase of the renovation and repositioning of the 1.4-million-sf Metrocenter is on schedule for completion by the holiday season. With exterior work out of the way, interior upgrades will begin in January.

The major focus of the exterior renovation, launched about two months ago, calls for replacing the parking lot and overhauling the landscaping of the 32-year-old retail asset, located at 9617 N. Metro Parkway along Interstate 17. If construction stays on track, the makeover, inside and out, will be completed in third quarter 2006.

Ten months ago, Macerich, in partnership with Boston-based AEW Capital Management LP and Somera Capital Management of Santa Barbara, CA, paid $160 million for the 32-year-old, super-regional mall. Since then, they’ve been working out the repositioning and redevelopment plan. Macerich holds a 15% stake in the asset.

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