Macerich Co. is about to re-open Santa Monica Place in Los Angeles, after spending $265 million to completely rebuild it as a three-story, 550,000-square-foot outdoor retail destination. It has been repositioned as an upscale shopping venue, and tenants include Nordstrom and Bloomingdale's department stores, white-tablecloth restaurants and high-end retailers.
Macerich is reopening Santa Monica Place next month after spending $265 million on a radical overhaul. The three-story, 550,000-square-foot California retail center has been rebuilt without a main roof. Also, the space has been divided into corridors of storefronts that meet at the center of an open-air plaza. Macerich says retailers are going to be more focused on such creative overhauls instead of new developments. "All of the key players in our business are going to be focused on taking strong existing assets and making them stronger by redeveloping them," CEO Art Coppola says.
A joint venture between Cedar Shopping Centers and Prime Commercial Properties has acquired two centers for $72.5 million. The projects include San Souci Plaza in California, Md., and New London Mall, in Connecticut.