Key Entitlements Pave Way for Planned 2009 Re-opening
SANTA MONICA, Calif., Dec. 20 /PRNewswire-FirstCall/ -- Macerich(R) today announced completion of the entitlement process for its much-anticipated Santa Monica Place redevelopment, which will transform the enclosed traditional mall into a modern, open-air retail and dining destination in the heart of vibrant downtown Santa Monica.
Within the last week, Macerich (NYSE: MAC) received green lights from both the California Coastal Commission and the City of Santa Monica's Architectural Review Board. The two decisions, on top of unanimous approval from the Santa Monica City Council earlier this fall, pave the way for a planned fall 2009 opening for the new Santa Monica Place.
"Next door to the Third Street Promenade and two blocks from the ocean, Santa Monica Place is the best new retail location coming on line in Southern California," said Randy Brant, Executive Vice President, Real Estate for Macerich. "With top retailers, extraordinary design and detail, plus a signature rooftop dining deck with incredible views, the new Santa Monica Place will rival the region's most successful shopping destinations."
Current plans are to close the existing center on January 31, 2008, and start construction in spring 2008. "Bringing a dynamic new shopping environment to Santa Monica is particularly important to our company, which has been headquartered right here in Santa Monica for nearly 30 years," said Brant.
Macerich's new concept for Santa Monica Place will bring a fresh and relevant retail experience to this famed location -- and connect the 550,000 square foot center with the thriving urban districts that surround it. The innovative design takes the roof off the existing center in an adaptive reuse that will become a pedestrian-oriented, three-level streetscape.
The approved project, which has earned wide support among local residents and civic leaders, comes at the end of protracted discussions across the city about the right design for this highly engaged, high profile community.
The new Santa Monica Place will draw shoppers from many sources: From its affluent primary trade area -- bordered by Marina Del Rey, the 405, Beverly Hills, the Santa Monica Mountains and the ocean itself -- to the City's strong visitor mix that includes nearly 5 million each year -- the center will serve an enviable set of socially-conscious, smart and worldly consumers.
Average per capita incomes are extremely high, reaching $49,356 in the primary trade area, which equates to spending power, according to a report by Jeff Green Partners/Retail Focus. The same report cites average household incomes that top $100,000 across the total trade area; and in Santa Monica's prestigious "North of Montana" district, average household income is $195,000. Downtown Santa Monica itself is expected to grow by 12% over the next five years.
"The sophisticated market in Santa Monica is ready to embrace a new high-quality mix of retail offerings -- and we've heard from many of the world's top retail names that this is exactly where they want to be," said Bob Williams, Senior Vice President, Leasing for Macerich.
Macerich is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. The company is the sole general partner and owns an 84% ownership interest in The Macerich Partnership, L.P. Macerich now owns approximately 77 million square feet of gross leaseable area consisting primarily of interests in 73 regional malls. Additional information about Macerich can be obtained from the Company's Web site at http://www.macerich.com.
SOURCE Macerich
CONTACT: Anita Walker of Macerich, +1-602-953-6550