Macerich, a leading mall owner, is currently evaluating the construction of a 140-foot tall office tower at one of its prime mall locations. The potential site for this proposed 330,000-square-foot building is Biltmore Fashion Park in Phoenix. This retail and entertainment hub boasts an enviable location at the intersection of 24th Street and Camelback Road.
According to reports from the Phoenix Business Journal, Macerich plans to allocate retail space on the ground floor while each office floor will cover an area of approximately 40,000 square feet. The proposed tower would be built on what is currently a surface parking lot and will be presented for approval at an upcoming city meeting.
In addition to this project, Macerich has also expressed interest in constructing a residential tower with thirteen floors adjacent to their application for the office building.
During their recent earnings call in 2022 ,Macercih revealed that they are exploring options to develop around7500 square feetof premium Class A offices collectively at Scottsdale Fashion Square Mall as well as Biltmore Fashion Park.
