La Encantada Introduction
Nestled in the Catalina Foothills of Tucson, Arizona, La Encantada Mall is a testament to the city’s blend of modernity and tradition.
This upscale outdoor shopping center, owned by Town West, is a unique architectural marvel inspired by Spanish hacienda designs that offers a shopping experience like no other. Its location at Skyline Road and Campbell Avenue intersection makes it a prominent landmark in the city.
A Stroll Down Memory Lane
The story of La Encantada began in 2002 when the idea of a high-end shopping center in Tucson started to take shape. The mall’s construction was significant, marking the city’s entry into luxury retail.
The mall officially opened its doors on November 7, 2003, with a host of stores ready to serve the eager shoppers of Tucson.
The mall’s development was spearheaded by Westcor, a company known for its expertise in creating retail spaces that resonate with the local community. However, in a strategic move, the mall was later sold to Town West, a decision that has shaped the mall’s trajectory in the years to come.
A Shopping Haven
La Encantada is home to over 60 stores, each offering a unique blend of products and services. The mall has been a preferred destination for brands that cater to the discerning shopper.
Over the years, it has housed notable brands such as Tiffany & Co., Anthropologie, Brooks Brothers, Crate & Barrel, Apple Store, Louis Vuitton, Ann Taylor, Pottery Barn, Lucky Brand Jeans, Sigrid Olsen, St. John, BCBG Max Azria, Coach, Cole Haan. Each of these brands has made La Encantada a shopping destination par excellence.
The mall is also known for supporting high-end retail, home to stores such as AJ’s Fine Foods, Lululemon, Blanco Tacos + Tequila, and more.
La Encantada boasts many stores unique to the region, attracting a wide market reach. The lack of available land for new development in the Foothills Retail submarket makes La Encantada an irreplaceable property.
The Economic Impact
The presence of La Encantada has had a significant impact on Tucson’s local economy. The mall has been instrumental in creating jobs and generating revenue for the city.
Moreover, it has played a crucial role in attracting tourists, boosting local businesses. The mall’s contribution to the local economy is a testament to its importance in the city’s economic landscape.
Macerich’s recent mall sale has been a significant event in the mall’s history. The sale generated approximately $100 million of incremental liquidity. The mall continues to evolve, adding new stores and services to its directory, ensuring it remains a preferred shopping destination for Tucson.
In September 2021, Macerich sold La Encantada, a retail center spanning 246,000 square feet in Tucson, Arizona, for $165.3 million. This marked Macerich’s second substantial sale in the Phoenix area, following the sale of a 95% stake in Paradise Valley Mall for $95 million earlier in March.
The buyer, a newly established joint venture associated with RED Development, acquired the property. The joint venture has plans to transform the 92-acre site into a multi-phased, mixed-use project over several years, made feasible by the city’s rezoning to meet local needs.”
HSL Properties, Town West Realty, and Iridius Capital purchased the property with a $102 million loan from Goldman Sachs. As stated in a press release, La Encantada is the pinnacle of retail in Tucson.
La Encantada Mall is more than just a shopping center; it symbolizes Tucson’s growth and development. Its unique architecture, diverse store directory, and significant economic impact make it vital to the local community.
As we look to the future, we can expect La Encantada to continue evolving, mirroring the city’s dynamic spirit and meeting the changing needs of its shoppers.