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Federal Realty seeks to add 216 apartments at Phoenix's Camelback Colonnade
The planned multifamily project would repurpose underutilized space at the shopping center and must be approved by the Phoenix City Council.
Federal Realty Investments is pursuing a major change to Camelback Colonnade, one of Phoenix’s oldest shopping centers, by using underutilized space for a new 216-unit multifamily project, according to ConnectCRE.
The center, which dates to the 1964 opening of the East Camelback Mall and was later redeveloped and rededicated in 1994, is also being considered for other potential uses including retail, restaurants, and offices, the outlet reported.
The plan has moved through planning board review and now requires approval from the Phoenix City Council, with tenants at the property including Fry’s Food Stores, Best Buy, Marshalls, PetSmart, Old Navy, Ulta, Michaels, Staples, and Floor & Décor, ConnectCRE said.
ConnectCRE also noted that the Phoenix Business Journal reported RED Development sold Camelback Colonnade to Federal Realty Investment Trust in 2021 for $162 million.