WALNUT CREEK, CA—Known for breaking the rules when it comes to redeveloping high-performing properties, Macerich is introducing more than double the shop space at Broadway Plaza–all within the same downtown footprint of the iconic open-air center that first opened in 1951. Tearing down and replacing the majority of small shops at a shopping center already generating $700 per square foot isn't a typical move–but Macerich, which has owned the property since 1985, is making a long-term investment in the ongoing dominance of this unique center.

The retail center, anchored by Nordstrom, Neiman Marcus and Macy's, unveiled additions of 50-plus new stores in a community celebration last week. In all, total gross leasing area for Broadway Plaza is now more than 900,000 square feet and the expansion is more than 90% leased.

“Macerich excels at adding significant value to our well-positioned fortress properties through redevelopment, and Broadway Plaza is a prime example of our proven approach,” said Macerich executive vice president Randy Brant. “At Broadway Plaza, we have expanded this unique street-retail setting to meet extensive retailer demand to be part of our high-performing property, while also enhancing the amenities, pedestrian appeal and pleasing scale of this irreplaceable downtown retail asset.”

The official opening of the expansion and redevelopment included an official ribbon-cutting, remarks by Walnut Creek city officials, plus multi-stage concert performances, a fireworks display and food samplings.

Of the grand opening celebration last week, Garrett Newland, vice president of development for Macerich told GlobeSt.com: “Tonight is a major milestone. We feel we really hit the mark for the community's needs. We wanted to offer more to the consumer and we feel we've done that with double-loaded retail and 2,500 parking spaces along with a parking guidance system. It's been 10 years in the making and a long time coming but we've gotten great response from the community.”

The parking guidance system Newland highlighted includes adaptive lighting sensors and parking space LED indicators. Those indicators light green for available and red for occupied above each parking space in order to help motorists find unoccupied spaces with less time, which reduces congestion.

“After a successful partnership of over 30 years with Macerich, Northwestern Mutual is delighted to be part of this grand opening celebration. We are excited about the future of Broadway Plaza as the redevelopment will deliver many new and exciting shopping experiences to the community of Walnut Creek,” said Rich Dooley, a director in Northwestern Mutual Real Estate's San Francisco field office. “This project would not have been possible without the hard work and cooperation of many parties. We would particularly like to thank the citizens of Walnut Creek who put up with our construction dust, the city government of Walnut Creek, our many retail partners and our partner, Macerich. We look forward to another successful 30 years.”

Instant Insights /

Circa-1951 Broadway Plaza Unveils Redesign to Public

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