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PHOENIX: New UrbanismRevamps Retail

The migration to walkable, urban areas is what encouraged Carylyle Development Group two years ago to snap up Phoenix's Metrocenter Mall, a 40-year-old relic of a bygone era. "It's a huge infill property that just screams for mixed-use projects to be built here," COO Warren Fink tells us. The urbanized, 20- and 30-something demographic quickly attracted Walmart, which inked space for one of its superstores. Carlyle is also undertaking a massive redevelopment of the mall, he says. It's not just the Millennials—there are enough Baby Boomers around Metrocenter that the firm's considering rezoning a portion of the mall to develop seniors housing. (We always thought of the Calendar Store as a place where senior citizens could hang out, buying gifts for every grandchild in one fell swoop.)

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