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From the Mayor - INFOCUS - March/April 2013
The Mall is Coming
One of the questions we hear most often is about the status of the planned Estrella Falls Regional Mall at the northwest corner of Bullard Avenue and McDowell Road. After a recent update, we are as confident as ever about this project.
Representatives from Macerich, the developer of the mall, attended a recent City Council workshop to provide us with an update. Macerich remains fully committed to the Goodyear mall and they reinforced that it will, without a doubt, be the next regional mall they build in this region.
Recent market indicators have been better than expected and Macerich has already invested tens of millions of dollars in the project. Considering these factors, they plan to come to the City this year and begin the process by updating their site plans.
Since the recession, the development of regional malls has slowed drastically. Retail businesses were affected by the downturn as much as any other sector and they have become much more conservative with their market indicators before beginning new projects.
However, recent studies of our market have been better than expected. The positive indicators include our trade area surpassing the 500,000 population point and our demographics matching their desired criteria.
As I mentioned, Macerich will submit new plans to the City this year. This update may include an enclosed mall or indoor/outdoor combination as opposed to their original plan for an outdoor concept.
Once those plans are approved and they put shovels in the ground, construction will take eighteen to twenty months. They could not give
us an exact date, but they fully intend to open the doors for business in the next three to four years.
We are very pleased with the positive indications at our recent meeting, and look forward to seeing the site plan update later this year!