PHOENIX — Jericho, New York-based Kimco Realty Corp. has submitted plans for a multifamily complex as one of the first redevelopment efforts for the Christown Spectrum mall, which was the oldest operating indoor mall in Phoenix.
Kimco (NYSE: KIM), which acquired Christown for $115 million in 2015, is planning to build a new apartment complex with 760 units on the northwest corner of 15th and Montebello avenues as part of its decades-long plan to revitalize and build out the shopping center.
Kimco, one of the largest publicly traded owners of open-air shopping centers in North America, submitted an application to the city of Phoenix to rezone about 13 acres that's currently used for parking to allow for multifamily residential development. The new zoning would allow for heights up to 56 feet.
The proposed facility would comprise one 3-story building and two 5-story buildings as well as three parking garages. The application was presented on Feb. 28 to the Alhambra Village planning committee and is scheduled to go before the Phoenix Planning Commission on April 13.
