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Shopping Centers Today -> June 2005
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IN BRIEF
Gulfstream gets Santa Fe Outlets
After buying the Santa Fe Outlets from Chelsea Property Group for an undisclosed sum in December, The Gulfstream Group, Albuquerque, N.M., is planning to boost the center’s occupancy and eventually expand its gross leasable area. The Santa Fe Outlets already features such tenants as Coach, Eddie Bauer, food specialty retailer Harry & David and Liz Claiborne, and the owners will try to attract additional retailers with mid-to-higher-priced merchandise, says Keely Whittington Reyes, one of two sisters who heads The Gulfstream Group. Ginsburg Craig Associates originally built the center, formerly known as the Santa Fe Premium Outlets under Chelsea, in 1993.
Westcor to renovate The Borgata
Phoenix-based Westcor, a subsidiary of The Macerich Co., Santa Monica, Calif., is planning to renovate The Borgata, its upscale lifestyle center in Scottsdale, Ariz. Built in the mid-1980s and modeled after a 14th century northern Italian town called San Gimignano, The Borgata resembles a fortress, complete with turrets and towers. Westcor will add a courtyard to its existing cobblestone walkways and landscaping. The center’s new courtyard entrance will feature a water fountain and a redesigned parking lot and entrance from Scottsdale Road. Westcor will also add valet parking to provide better access for pedestrians and bicyclists as well as automobiles. Westcor plans to begin the work in summer 2005 and finish the job in fall 2006. The renovated Borgata will offer 90,000 square feet of retail, restaurant and entertainment space.
Meanwhile back at Rio Rancho
Some neighborhood centers are in the works for the fast-growing city of Rio Rancho, N.M., which local officials say needs the retail space. Sonoran Holdings is at work on the 153,000-square-foot Sonoran Ridge Village Center in a cluster of seven buildings along Corrales Road. Maestas & Ward Commercial Real Estate, which is handling the leasing, says junior anchor grocery stores and small shops will comprise the tenant roster, though no names were available at press time. The developer expects to wrap up by next April. Separately, Argus Development, an Albuquerque, N.M.-based shopping center development firm, is building the 170,000-square-foot Southern & Unser Plaza, a planned neighborhood center within Cabezon, a mixed-used center. Southern & Unser Plaza is slated for completion in the second quarter of next year and has space for a junior anchor and several in-line shops. Maestas & Ward is leasing agent.CityNorth to urbanize Desert Ridge
The Phoenix-based Thomas J. Klutznick Co. says it will start construction next year on the 144-acre, mixed-use CityNorth, in Desert Ridge, Ariz., a growing district bordering Phoenix and Scottsdale. The project will contain 1 million square feet of retail space, 2 million square feet of offices, some residential units, two hotels and space for concerts and exhibits.Shopping Centers Today
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