The recession is taking its toll on development. General Growth talked openly during its fourth quarter earnings call of slowing the pace of new construction in the U.S. It also has already backed off two previously announced projects. Now Westcor--a division of Macerich--is doing the same thing. The firm is delaying the opening of its Estrella Falls project for at least a year. It's pushing the date back to 2010.
Because of national economic pressures, retailers are more confident about launching new stores in fall 2010 than they are about opening next year, Garrett Newland, Westcor's development vice president, said Wednesday.
Dillard's and Harkins Theatres will anchor the regional mall, and Westcor has been in talks with another potential anchor, Macy's, which cut more than 2,000 jobs nationally last week.
Westcor still expects to open a shopping center next to the planned Goodyear outdoor mall this fall.