Emerald Center Shows Retail Expansion Is Not Dead
As a property type, retail might be in troubled times, but there is still retail expansion in some places, especially in the context of mixed-use in a growth market. Recently LGE Design Build began construction on a 15K SF addition to the 2M SF mixed-use Emerald Center in Tempe, which is owned by ACF Property Management Inc. Guitar Center will occupy the space.
Emerald Center is anchored by a 346K SF IKEA, and other major tenants include Lifetime Fitness, Aveda, Texas Roadhouse and various home-furnishing and decor retailers. The center also includes office space, hotel rooms and entertainment offerings, and the complex is expected to continue its rapid growth, LGE Design Build president and CEO David Sellers said.
"It’s an everything-in-one-place space that increasingly appeals to modern shoppers,” he said.
Thirty-five acres remain to be developed at the center. Next up for Phoenix-based LGE at the center is the design and development of a new building, beginning this fall, though the details haven't been released.
