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Developers tout Flat Iron Crossing reinvestment as new retail, restaurants and 348 apartments rise
Summary
Maestrich/Mesa Rich told council the Flat Iron Crossing redevelopment is proving out with recent store openings, signed leases for an entertainment anchor and restaurants, 348 residential units under construction, and a phased schedule that anticipates restaurant and anchor openings in spring 2027 and initial apartments by summer 2027.
Jacob (identified in the transcript as Jacob Nudson/Kenson), vice president of real estate development with Maestrich (owner of Flat Iron Crossing), updated council on the mall reinvestment and the adjacent 25-acre Hi‑Fi development. He said recent tenant openings include Abercrombie & Fitch, Lego, Lululemon and others; 348 residential units are under construction along with roughly 90,000 square feet of entertainment, retail and food and beverage space and a 2.5-acre outdoor event lawn. "We are on schedule," he said, noting leasing momentum and that the Pendry entertainment anchor and a slate of restaurants are expected to open in spring 2027, with the first residential units coming next summer.
Jacob said Maestrich has a 50/50 mall ownership partnership and partnered with Crescent Communities as the general partner for the Hi‑Fi residential portion. He said the ownership group and Crescent are providing the majority of the equity for the residential capital stack and that traditional construction financing is in place for appropriate phases.
Council members asked about hard-hat tours, financing and economic conditions; Jacob said staff coordination could arrange council tours and that 90'97% of the project is contracted and purchased out. He also said a replacement anchor for the former Nordstrom building will be announced soon.
The update emphasized private investment, phased leasing and a timetable for public-facing openings; council members expressed support and appreciation for the redevelopment as a major local economic project.
