Breaking Ground: The Deal That Built Pine Ridge Marketplace
The earth cracked open under the weight of the machines. In the shadow of Arizona State Route 69, a once-quiet stretch of land east of Prescott turned into a construction site.
This was 2001, and the developers at Westcor had waited years for this moment. Steel beams rose, trucks rumbled over freshly paved roads, and dust clung to the air like a permanent fixture.
A mall was coming—one meant to change how Prescott shopped. Three years earlier, in 1998, Westcor announced plans for a fully enclosed shopping center. The location? A piece of prime real estate at 3250 Gateway Blvd.
The company, known for building upscale malls across the Southwest, had a clear vision: a modern retail hub with Sears, JCPenney, and Dillard’s as the anchor stores.
But Prescott wasn’t Phoenix. And a mall of this scale? It was a gamble.
The resistance started fast. Some residents didn’t like the idea of big-box chains swallowing up their small-town feel.
When the Prescott City Council approved the zoning changes, petitions flew. A referendum loomed.
Then came the lawsuit—developers and city officials dragged into court over agreements signed behind closed doors.
The project stalled, legal papers stacked up, and for a while, it seemed like Prescott Gateway Mall (as it was originally called) might stay a blueprint forever.
But lawsuits were dropped, petitions lost steam, and by 2001, construction crews broke ground.
The plan was aggressive: three anchors, a sprawling interior, and an outdoor village section for specialty shops.
Westcor officials were betting on Prescott, not just retail. They projected that, by opening day in 2002, the mall would be more than 96% leased.
That number didn’t quite happen. But on March 8, 2002, when Pine Ridge Marketplace opened its doors, the crowds still came.
Families wandered past brand-new storefronts, checking out places Prescott hadn’t seen before: Buckle, KB Toys, and Casual Corner.
Linens’ n Things set up shop in the outdoor village, a nod to Westcor’s effort to blend big retail with open-air charm.
At first glance, it looked like the gamble might pay off. For people searching for things to do in Prescott, Arizona, the marketplace quickly became an option.
But in retail, opening day is the easy part. The real test is keeping stores filled, foot traffic steady, and sales climbing.
The Boom Years: Pine Ridge Marketplace Finds Its Footing
Opening weekend at Pine Ridge Marketplace had the energy of a grand opening sale—crowds packed the aisles, parents shuffled through toy stores with impatient kids, and shoppers sized up racks of clothes at Buckle and Casual Corner.
The food court smelled like fresh pretzels and burgers off the grill. If you had asked anyone that day, they’d have told you Prescott had arrived.
By the end of 2002, leasing numbers told a story of momentum. The marketplace, which had opened at 80% capacity, filled more spots quickly.
A year in, occupancy had climbed to 86%, with 24 more stores settling into place.
The tenant list included fashion, electronics, and home goods—everything a town transitioning into a small city might need.
Dillard’s, JCPenney, and Sears were the anchors that kept foot traffic steady.
Westcor had promised variety, and for a while, they delivered. Linens ‘n Things offered home essentials under the Arizona sun.
Inside, Barnes & Noble carved out a spot, giving Prescott a bookstore that could rival anything in Phoenix.
KB Toys stocked the latest holiday must-haves. Bed Bath & Beyond filled the void when Linens ‘n Things folded in 2008.
On weekends, families roamed the halls, dodging kiosks that sold everything from cell phone accessories to decorative candles.
The mall was modern enough to attract bigger retailers but still small enough to feel local.
Parking lots stayed full. Black Friday had a line out the door. Even with a few empty storefronts, it looked like Pine Ridge had staying power.
But retail doesn’t run on momentum alone.
The market was shifting, shopping habits were changing, and Prescott was about to find out what happens when a mall that once felt too big suddenly feels too empty.
Losing Ground: Retail Chains Pull Out
The first real hit came quietly—just another closure in a retail landscape that was always moving.
In 2011, Barnes & Noble shut its doors, leaving a noticeable gap in the tenant mix.
Bookstores were struggling everywhere, but in Prescott, the loss felt personal. The closest big-chain bookstore was now an hour away.
Then came the exits that were harder to ignore. Sears had been a fixture since day one, but by 2015, its parent company was in trouble.
That year, Sears Holdings spun off 235 properties into Seritage Growth Properties, including the Prescott location.
It wasn’t an outright closure—yet—but it was a warning sign. By November 2019, the inevitable was confirmed: Sears would shut down for good.
It finally closed on February 2, 2020, leaving a darkened anchor space at one end of the mall.
Other retailers followed. Casual Corner had vanished, along with dozens of other mall-based fashion brands that couldn’t keep up with e-commerce.
Even stores that survived the first wave of closures saw shrinking foot traffic.
More shoppers browsed online, and fewer walked through Pine Ridge’s glass doors.
By the time Kohan Retail Investment Group bought the property in 2018 for $8.8 million, the writing was on the wall.
Once a destination, the marketplace was becoming another struggling retail center—too big to fill and too empty to ignore.
The next few years would determine whether it faded out or found a way forward.
Rebranding the Mall for the Future
By the time Kohan Retail Investment Group took over in 2018, Pine Ridge Marketplace had lost much of its early energy.
Empty storefronts stretched across the halls, the food court had more closed counters than open ones, and foot traffic was a fraction of what it once was.
The mall needed more than new tenants—it needed an identity shift.
The shift began in 2022 when ZL Properties took over with a plan. They saw more than a struggling mall—they saw potential.
Filling vacancies wasn’t enough. The goal was bigger: change how people saw the space and make it something worth visiting again.
In January 2024, the center rebranded from Prescott Gateway Mall to Pine Ridge Marketplace, aiming to shake off the image of a dying mall and introduce a new concept—one that blended national retailers, local businesses, and community spaces.
Renovations kicked off with a $2.5 million budget. Crews installed energy-efficient LED lighting, replaced aging HVAC systems, and redesigned the main entrances to make the space more inviting.
The changes weren’t just cosmetic—ZL Properties wanted to create a functional, modern retail experience that could adapt to shifting consumer habits.
Partnerships with The McGarey Group and Divaris Real Estate helped guide leasing efforts.
Instead of chasing only big-box stores, they focused on a mix of national chains and regional businesses.
The Old Farmstead Mercantile moved in, offering home décor with a rustic touch. Espire Sports set up an interactive entertainment space.
JCPenney and Dillard’s remained as anchors, holding down the traditional retail side.
The new approach also leaned toward events. Car shows, holiday markets, and food festivals started filling the calendar, drawing in crowds that weren’t necessarily there to shop but might stay to browse.
It remains to be seen whether it was enough to bring Pine Ridge Marketplace back to life, but the foundation for a turnaround is in place.
Adapting to Survive: Pine Ridge Marketplace in 2025
At Pine Ridge Marketplace, the contrast is impossible to miss. Some corridors hum with energy—new signs, polished storefronts, a sense of movement.
Others feel frozen in time, where dim display windows and “For Lease” signs linger like echoes of a busier past.
Foot traffic has improved, and the event programming and new tenants have helped.
The Old Farmstead Mercantile has carved out a steady customer base, while Espire Sports has drawn families looking for indoor recreation.
Restaurants are still a weak spot—only a handful operate inside the mall, and the food court remains sparse.
For shoppers searching for things to do in Prescott, Arizona, the marketplace now offers more than just retail.
Seasonal events, pop-up markets, and community-driven attractions have helped create a reason to visit beyond shopping.
However, the long-term success of Pine Ridge Marketplace depends on whether it can keep evolving.
Retail alone won’t be enough.
March 8, 2025, Pine Ridge Marketplace won’t just be a shopping center—it will be the heartbeat of local business in Prescott.
The Prescott Chamber of Commerce Business Expo is set to take over the space from 10 am to 3 pm, turning storefronts into networking hubs and hallways into deal-making zones.
Entrepreneurs, business owners, and locals will pack the marketplace—pitching ideas, trading services, and forging deals that could reshape Prescott’s business landscape.
This isn’t just an event. For Pine Ridge Marketplace, the expo is another step in its push to reinvent what a retail center will look like in 2025.
Once a mall struggling with empty stores and declining foot traffic, the marketplace is now positioning itself as a community hub.
Events like this aren’t just about drawing in shoppers—they’re about making the space useful in new ways.
The marketplace is evolving, leaning toward experience and convenience over pure retail.
Whether this was enough to secure its future was another question, but for now, the doors were open, the lights were on, and people were coming back.
The property isn’t thriving yet, but it’s no longer fading away. The question now is whether it can complete the transition from a struggling mall into something built to last.