About the Project

Project Scope:	Located on approximately 2,200 acres, the Palisene master-planned community elegantly blends luxury retailers, contemporary office buildings, hospitality services and residential condominiums for the burgeoning northeast Phoenix and north Scottsdale area. Phase 1 will encompass a 72-acre mixed-use development, the regional destination for shopping, dining and entertainment.

Location:	Strategically located off Loop 101, between 64th street and Scottsdale Road in Phoenix.

Partners:	Developed by Westcor, A Subsidiary of Macerich; designed by Callison Architecture.

Trade Area:	Palisene is perfectly positioned to capture all new growth in Scottsdale and rising communities to the north, with a retail mix ideal for the affluent characteristics of the trade area. Market growth is strong at 13.1%, compared to the US average of 5.3%. Because this trade area is home to some of the most affluent households in all of Phoenix, the housing development is low density and will be so in the future. By 2020, there will be little available space for further development. Tonto National Forest and McDowell Mountain Preserve will eventually limit trade area growth to the north and east, respectively. Within a 5-mile radius to Palisene are the internationally renowned Mayo Clinic Hospital, West World equestrian center, and the Scottsdale Airpark.

Demographic Highlights:	Very affluent population of white-collar families with 44% of all workers employed in managerial/professional occupation. High rate of homeownership (67%) Average price for homes in the trade area is $401,000. Average age is 37 years old. Households sizes smaller than average, 2.47 persons per household versus 2.7 for the metro area. Household incomes much higher than average at $92,265. Trade area per capita income is 158% of the metro. 30% of households earn more than $100,000. Education levels exceptionally high; 74% of adults have been to college; 40% are college graduates. Due to the high incomes of the area, sales potential – or demand – is very high on a per capita basis. Visitors are forecast to make an important contribution to total sales. The more upscale the anchor stores, the more likely they will attract visitors and affluent residents of the trade area. Critical mass is already being established with the development of upscale auto dealerships, Mayo Hospital, as well as an abundance of mixed use office complexes.

About Westcor:	Founded in 1970, Phoenix-based Westcor is a wholly owned subsidiary of Macerich. The largest owner-manager of commercial properties in Arizona, Westcor’s portfolio currently consists of 18-million square feet of retail space at 39 shopping centers, including 11 super-regional centers, three specialty retail centers and 22 urban villages. Westcor has set the industry benchmark for ground-up development of shopping centers, such as Chandler Fashion Center, La Encantada and Scottsdale Fashion Square. The company’s leadership has contributed to the Valley of the Sun’s high quality of life and its reputation as a world-class resort and shopping destination.