(For more retail coverage, click GlobeSt.com/RETAIL.)
PHOENIX-Vestar Development Corp.'s announcement that its1.3-million-sf Tempe Marketplace has hit 95% occupancy, with oneyear to go before it opens, is news. But to those who follow theretail trends, the quick lease-up isn't surprising.
Tempe Marketplace, Vestar's 1.2-million-sf Desert Ridge andMacerich's one-million-sf Biltmore Fashion Park renovation areprime examples of the industry's ability to move from traditionalpower centers and enclosed malls to heavily landscaped, open-airvenues with lifestyle components such as dining and entertainment."We call it a power center on steroids," says Tom Wood, senior vicepresident of marketing for Colliers International Inc. inPhoenix.
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