WALNUT CREEK, CA-The owners of Broadway Plaza Shopping Center plan to spend up to $260 million to expand and redevelop the downtown, open-aired center.

The Macerich Company, a Santa Monica-based REIT is working with the City of Walnut Creek on a long-term development plan that would delineate the roles and expectations of each party for the next 10-20 years, according to a report in the Registry.

“We are in discussions with Macerich now and hope to have this agreement worked out in the next several months,” said Sandra Meyer, community development director for the city of Walnut Creek told the commerical real estate website. “I would think that the developer would like to get work started on the project sometime early next year and have work on the first phase impacting as little as possible on the Christmas holiday shopping for the next year.”

A 86,000-square-foot Neiman Marcus store was added to the center a year ago

Based on sales, Macerich ranks Broadway Plaza 11^th among 64 malls nationwide that Macerich owns with sales of $678 a square foot. Occupancy at the center has dropped from 97.9% a year ago to 94.6% today.

Macerich hopes that the project will be completed between 2015 and 2017, the Registry says.

Click Registry to read the full story.

Instant Insights /

Expansion and Upgrade Planned for Shopping Center

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