Macerich's Sale of Phoenix Mall Offers a Hint at What's to Come for Dying Malls: Rezoning and New Uses
The 1970s-era Paradise Valley Mall has been rezoned to allow the sprawling plot of land to include high-end grocery options, restaurants, 3.25 million square feet of residential space, office buildings and some retail shops. "As the retail landscape continues to evolve here in Arizona and around the country, our decision to realize the market value of this non-core asset makes sense for Macerich," Macerich President Ed Coppola said in a statement. Malls packed full of clothing, footwear and other retail shops are looking for a new life, as more consumers buy online and skip trips to dated dep...
Source: nbcphiladelphia.com