Glimcher and Crescent Communities Announce Plans for Luxury Apartments at Scottsdale Quarter
Development on the 275-unit community to begin in fall 2013
SCOTTSDALE, Ariz.--(BUSINESS WIRE)-- Glimcher Realty Trust (NYSE: GRT) , one of the country's premier retail REITs, and Crescent Communities, a diversified real estate investment, development and operating company,announced today plans to add a 275-unit, luxury apartment community to Scottsdale Quarter in Scottsdale, Arizona. Located on the Northeast corner of the property along Greenway-Hayden Road, the community will include upscale amenities and modern décor. Development will begin in late 2013.
"We are pleased to announce our partnership with Crescent Communities, one of the nation's premier multifamily developers," said Michael P. Glimcher, Chairman of the Board and CEO of Glimcher. "A luxury, multifamily community has always been a part of our vision for The Quarter. Based on the high level of demand from retailers and businesses interested in coming to Scottsdale Quarter, adding luxury apartments will build upon the center's current success."
Residential amenities will include an elevated resort-style pool and a two-story state-of-the-art fitness center with views of McDowell Mountains, in addition to providing its occupants front-door access to exclusive retail, premier restaurants and great entertainment, including iPicTheaters, Eddie V's, Dominick's and True Food. Under a joint venture agreement, Crescent will develop and manage the residential community with Glimcher maintaining a minority ownership interest.
"We could not ask for a better opportunity to bring the Crescent approach to luxury multifamily community building in the Southwest than within the experiential retail community that Glimcher Realty Trust has created with Scottsdale Quarter," said Brian Natwick, President, Crescent Communities Multifamily Group. "Our plan for luxury multifamily living integrates ideally with Scottsdale Quarter and furthers our mission of building authentic places that enhance the lives of people."
Scottsdale Quarter is among Crescent's first luxury multifamily residential communities west of the Mississippi. The company developed Portland Place in Phoenix in 2006 and last year developed and sold a luxury student housing community near the University of Texas. Headquartered in Charlotte, N.C., Crescent has 18 multifamily projects with 5,300 units under construction or in planning/pre-development in the Southeast, including projects in North Carolina, Tennessee, Georgia and Florida.
Scottsdale Quarter is a premier outdoor, urban, mixed-use development, featuring sophisticated architectural design, comfortable pedestrian plazas and the largest pop-jet fountain in the region. One of the top performing centers in the state, Scottsdale Quarter is home to 39 exclusive retailers and restaurants as well as 17 office tenants representing over 1,000 employees.
About Scottsdale Quarter
Scottsdale Quarter, located on the southeast corner of Scottsdale Road and the Greenway-Hayden Loop, is an open air center where the vibe of the city meets the serenity of the desert. The hip, urban destination sits on 28 acres with 370,000 square feet of retail, restaurant and entertainment options; and 203,000 square feet of office space amid elegant, diverse architecture and lush landscaping. Restaurants, specialty and fashion retailers include Sephora, Pottery Barn, iPic Theaters, NIKE, Dominick's Steakhouse, Free People, Calypso St. Barth, H&M, Apple Store, Eddie V's Prime Seafood and True Food Kitchen. Scottsdale Quarter is also home to the park-like public gathering space, The Quad, featuring the largest pop-jet fountain in the region. The center continues to add tenants that further position Scottsdale Quarter as the premier shopping destination in the Valley. For details, visit www.scottsdalequarter.com
About Glimcher Realty Trust
Glimcher Realty Trust, a real estate investment trust, is a recognized leader in the ownership, management, acquisition and development of retail properties, including mixed use, open-air and enclosed regional malls as well as outlet centers. Glimcher owns material interests in and manages 29 properties with total gross leasable area totaling approximately 21.6 million square feet.
Glimcher Realty Trust's common shares are listed on the New York Stock Exchange under the symbol "GRT." Glimcher Realty Trust's Series G, Series H, and Series I preferred shares are listed on the New York Stock Exchange under the symbols "GRTPRG", "GRTPRH," and "GRTPRI" respectively. Glimcher Realty Trust is a component of both the Russell 2000® Index, representing small cap stocks, and the Russell 3000® Index, representing the broader market. Glimcher® and Scottsdale Quarter® are registered trademarks of Glimcher Realty Trust. Visit www.Glimcher.com.
About Crescent Communities
Founded in 1969 in Charlotte, Crescent Communities is a diversified real estate investment, development and operating company dedicated to enhancing the quality of life for people through sustainable multifamily, residential and commercial communities and responsible land management. Crescent's portfolio today includes 27 master-planned communities, including its signature Palmetto Bluff, as well as 18 multifamily projects with 5,300 units under construction or in planning/pre-development. The company owns and manages approximately 72,000 acres, including 1,400 acres zoned for commercial use.
KEYWORDS: United States North America Arizona Ohio
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