Palisene will be built in a 2,200-acre master-planned development at the junction of Scottsdale Road and Loop 101. The Santa Monica, CA-based Macerich and DMB Associates Inc., a mixed-use community developer from Scottsdale, AZ, are teaming on the development. The joint venture is also co-developing One Scottsdale, a 120-acre, mixed-use project right across the street.
According to a press release about the Dillard's deal, the JV acquired land for Palisene last April from the Arizona State Land Department. Palisene's retail component is slated to open in 2011-12.
Palisene will feature concrete sidewalks or pavers in place of tile, interior and exterior plush landscaping and store fronts mirroring a typical street front. "The shopping district we are offering retailers at this Scottsdale Road address is unprecedented," Macerich CEO Art Coppola says in the press release. "The Palisene and One Scottsdale vision will be on the map as one of the greatest retail hubs in the West." The partnership's plans for Palisene include hotels, class A office space, possible residential and other amenities.
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