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Developer Looking to Transform Phoenix Shopping Center
One of Phoenix’s oldest shopping centers is gearing up for a potentially major transformation. Camelback Colonnade is 62 years old in its original form, tracing back to the 1964 opening of the East Camelback Mall, or 32 years old since it was redeveloped and dedicated as the Camelback Colonnade in the fall of 1994.
Developer Federal Realty Investments is taking advantage of underutilized space at the Camelback Colonnade for a new 216-unit multifamily project, and, based on public filings, there may be more to come. Other uses, such as retail, restaurants and offices, are also in the mix. It’s made its way through planning board review and now has to get the blessing of the Phoenix City Council.
Tenants at the Camelback Colonnade include Fry’s Food Stores, Best Buy, Marshalls, PetSmart, Old Navy, Bath & Body Works, Ulta, Michaels, Staples, and Floor & Décor. It also has a Nordstrom Last Chance discount store.
The Phoenix Business Journal reports RED Development sold Camelback Colonnade to Federal Realty Investment Trust in 2021 for $162 million.
- ◦Development
