Retail Corridor: Developers hope for finalized deals from retailers after Vegas - East Valley Tribune: Business

Retail Corridor: Developers hope for finalized deals from retailers after Vegas

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Posted: Friday, May 23, 2008 1:13 am | Updated: 11:29 pm, Fri Oct 7, 2011.

Wednesday marked the end of the nation’s largest annual retail and real estate convention in Las Vegas. The International Council of Shopping Centers’ Retail Real Estate Convention is a time when developers often strike numerous lease agreements with national retailers looking to grow.

Here are a few things that came out of it:

NEIMAN MARCUS AND CITYNORTH

During a behind-the-scenes interview at the convention, a map identified Neiman Marcus as a “proposed” fourth anchor department store at the CityNorth shopping center.

Officials developing the 144-acre mixed-use development under way at Loop 101 and 56th Street near the Scottsdale-Phoenix border have already announced three department stores — Nordstrom, Macy’s and the state’s first Bloomingdale’s.

CityNorth is a joint project of New York-based Related Companies and Chicago-based Thomas J. Klutznick Co.

“I can tell you that nothing is confirmed,” said CityNorth spokesman Paul Peterson.

“Everything is still up in the air in terms of leasing agreements and the only three confirmed retailers that we have are the three that have been announced.”

Neiman Marcus officials didn’t return phone calls Thursday.

Rival developer Westcor, which owns most major malls in the Valley, is rumored to also be courting Neiman Marcus for a planned One Scottsdale development nearby at Scottsdale Road and Loop 101.

“What I can tell you is that our partnership with Neiman Marcus is very strong,” said Robyn Young, Westcor’s assistant vice president of development.

Scottsdale Fashion Square, which is also owned by Westcor, currently hosts the state’s only Neiman Marcus.

Phoenix planning department officials said they had no formal submissions identifying building plans for a Neiman Marcus.

SCOTTSDALE QUARTER

John Corritore, broker for the planned 375,000-square-foot Scottsdale Quarter, was nearly giddy when talking Thursday about the new tenants that have committed to the project during the convention.

Scottsdale Quarter is at Greenway-Hayden Loop and Scottsdale Road in Scottsdale.

Corritore wouldn’t name the retailers, however, saying that his firm has only gotten informal commitments rather than signed leases.

“To make a deal and finalize it takes usually around a year,” he

said.

Altogether, Corritore said he got commitments from 26 retailers lined up for the project, 10 of which will be new to Arizona.

NEW THEATER CHAIN FOR MARICOPA

UltraStar Cinemas is planning a 14-screen movie theater at The Shoppes at Porter Crossing at the northeast corner of state Route 238 and Porter Road in Maricopa.

It will be Maricopa’s first movie theater.

UltraStar officials hosted a grand opening of its first Arizona location in Surprise on Wednesday.

STORES LEAVE, COME AT P.V. MALL

At Paradise Valley Mall, Old Navy has closed.

That was a surprise, so mall owner Westcor hasn’t had a chance to land a new tenant yet, said marketing manager Courtney Papillon. But a couple of prospective tenants are eyeing the space, she said.

Mid-mall the Disney store is selling off its merchandise and will shut down when most of its goods are gone. Watch for clearance sales with increasingly discounted items.

But other stores are moving in rather than moving out of the bustling east Phoenix shopping center.

Vans just opened next to Abercrombie & Fitch.

And another new store hoping to be popular with younger shoppers is coming soon.

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