Camelback Colonnade, one of Phoenix’s longest-standing shopping centers, is poised for a significant redevelopment that would introduce new housing to the property. The center traces its origins to the 1964 opening of the East Camelback Mall and has operated in its current form as Camelback Colonnade since a major redevelopment and rededication in the fall of 1994.
Federal Realty Investment Trust is pursuing a multifamily project on underutilized portions of the Camelback Colonnade site. Public filings indicate plans for a 216-unit residential development as part of a broader concept that also contemplates additional retail, restaurant, and office space. The proposal has advanced through planning board review and now awaits consideration by the Phoenix City Council, which will determine whether the project can proceed.
The plan highlights Federal Realty’s effort to rework the existing retail footprint by layering in new uses while maintaining the property’s role as a regional shopping destination. The contemplated multifamily component would be integrated into a site already anchored by a diverse roster of national and regional retailers, suggesting that the redevelopment aims to build on, rather than replace, the center’s current commercial base.
Camelback Colonnade is home to a broad tenant mix that includes Fry’s Food Stores, Best Buy, Marshalls, PetSmart, Old Navy, Bath & Body Works, Ulta, Michaels, Staples, and Floor & Décor. The center also features a Nordstrom Last Chance discount store, underscoring its position as a value-oriented retail destination in the Phoenix market.
The property last changed hands in 2021, when RED Development sold Camelback Colonnade to Federal Realty Investment Trust. According to reporting from the Phoenix Business Journal, the transaction was valued at $162 million. That acquisition set the stage for the current redevelopment push, with Federal Realty now moving to reposition portions of the asset through the addition of multifamily and other complementary uses.
As the proposal moves from planning board approval to City Council review, the outcome will shape how this 62-year-old retail site evolves in its next phase. If approved, the project would represent a notable shift in how the long-established shopping center’s land is utilized, aligning an established retail lineup with new residential density and potential incremental commercial space.
