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Washington Prime teams with Lennar Multifamily to add apts. to Scottsdale Quarter

 

Scottsdale, Az.'s upscale urban mixed-use center Scottsdale Quarter is growing fast. Owner Washington Prime Group  has announced a joint venture with a multifamily developer to add residential units to the property, which already includes retail and office space.

 

The first part of the expansion has been completed, comprising of the buildings on the north and south parcels with tenancy including American Girl and Design Within Reach, as well as luxury apartment homes and office space. The final component of the expansion will be comprised of approximately 300 new luxury apartment homes and 35,000 square feet of new street-level retail.

 

The new residential component will be led by Lennar Multi-Family Communities. In addition to the luxury apartment homes and street-level retail, the project will include a 10,000-square-foot indoor amenity complex and an outdoor, urban courtyard with pool and spa, roof-top terraces overlooking Scottsdale Quarter and the McDowell Mountains, and new onsite parking areas.

 

LMC’s residents will have direct pedestrian access from the amenity complex deck to Scottsdale Quarter’s park-like public gathering space, The Quad, which features the largest pop-jet fountain in the region.

 

Lou Conforti, CEO and Director: “We are pleased to commence construction on the final expansion at Scottsdale Quarter. Teaming up with Lennar, a proven residential expert, allows us to focus upon what we do best: deliver differentiated retail to our guests. The critical mass of new multifamily and office space also provides a captive audience for our existing and prospective retail tenants. Lastly, having O'Connor as a partner in Scottsdale Quarter, as well as our other assets in the joint venture, provides us with a stalwart sounding board as we evaluate future redevelopment opportunities.”

 

Scottsdale Quarter is an opportunity for LMC to establish a strong presence in the last phase of one of Scottsdale’s most popular lifestyle shopping centers. The third phase of the expansion adds density to the center with a mix of office and residential components, but the cornerstone remains retail.

 

Richard Hunt, General Manager of Scottsdale Quarter: “We are excited to announce plans for the final expansion at Scottsdale Quarter. Our commitment to our guests and the City of Scottsdale continues to grow with each addition, bringing national retail and restaurants alongside celebrated local boutiques and eateries. We will expand upon our already diverse merchandise mix, solidifying Scottsdale Quarter as the premiere lifestyle destination in The Valley.”

 

Construction is expected to start later this year with tenants beginning to open in 2018. Once Washington Prime Group has signed leases for the new street-level retail, additional details will be announced related to estimated project costs and returns on investment. The funding for the expansion at Scottsdale Quarter will be shared pro rata with O’Connor Mall Partners, L.P. the partner in the Company’s joint venture that owns the property. O’Connor Mall Partners L.P. is an affiliate of O’Connor Capital Partners.

 

Scottsdale Quarter is an open-air center that features retail, restaurant and entertainment options, as well as office space. Restaurants, specialty and fashion retailers include Sephora, Restoration Hardware, Intermix, American Girl, Vince, Joie, iPic Theaters, Nike, Dominick’s Steakhouse, Free People, Warby Parker, Apple Store, Eddie V’s Prime Seafood, Flywheel and True Food Kitchen, among many others. 

 

Washington Prime Group Inc. is a retail REIT.

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