New vision for Camelback Colonnade: Developers plan new project at historic retail hub

Article originally posted on Phoenix Business Journal on March 19, 2026

The owners of a prominent central Phoenix shopping center have an ambition vision to add apartments to the property.

Federal Realty Investment Trust and RED Development are working through plans to build a 255-unit, six-story apartment complex within the Camelback Colonnade shopping center, according to documents filed with the city of Phoenix.

They’re targeting a 2.5-acre portion on the southwest side of the shopping center, which is located at Highland Avenue and State Route 51, and currently includes parking space and a Phoenix Public Library branch location.

The developers are aiming to get the western half of the Colonnade – about 23 acres – rezoned to allow for multifamily use. They would take on the task of relocating the library elsewhere, according to city documents.

Camelback Colonnade opened in the 1960s and is one of metro Phoenix’s first major shopping centers. It’s located in one of the Valley’s most heavily trafficked and densely populated corridors and is anchored by some of the biggest names in retail, such as Fry’s Food Store, Best Buy, Marshalls, PetSmart, Old Navy, Bed Bath & Beyond, Ulta, Michaels, Staples, and Floor & Décor.

It also has a Nordstrom Last Chance discount store – which is one of just a few in the country and draws shoppers from all over the Valley.

Find Complete Article Here: https://www.bizjournals.com/phoenix/news/2026/03/17/camelback-colonnade-apartments-multifamily-red.html