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One of Phoenix’s oldest shopping centers is gearing up for a potentially major transformation.
Developers are in the process of setting up a portion of Camelback Colonnade for a new 216-unit multifamily project.
The owners of the complex, Federal Realty Investment Trust and RED Development, are targeting a 2.5-acre portion on the southwest side of the shopping center, which is located at Highland Avenue and SR 51. It includes an underutilized parking lot and a Phoenix Public Library Branch.
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They’re aiming to get the whole western half of the Colonnade – about 23 acres – rezoned to allow for mixed uses including multifamily, retail, restaurants and offices.
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Read more of this story from the Business Journal.