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BUILT FOR LUXURY

The Macerich Co. is working on its first project developed specifically with wealthy consumers in mind. Called Palisene, the Scottsdale, Ariz., development will include championship golf courses, tennis courts, spas, and salons and will be guided by the developer’s luxury-focused Lumenati division.

Executive offices, luxury condominiums, and luxury homes will line commercial and residential districts. A fine dining and entertainment district with up-scale nightclubs will help keep residents and executives around after work. A boutique hotel will round out the non-retail offerings — all of which aim to deliver luxury consumers to a 1 million square foot shopping district. The size of a regional mall, the shopping district will include four department store anchors, and a streetscape of shops. Completion is scheduled for 2009.

“Our research shows that luxury retailers favor developments with 24-7 extensions of shopping hours,” says Tracey Gotsis, senior vice president for strategic marketing in the Macerich Phoenix office. “They want residents living there, offices for people that will work there, and a hotel for business visitors and tourists.”