Business Watch: Starting with renovation at Fashion Valley Mall
It’s been another super busy week in the San Diego business world and renovation is the key word.
Looks like Fashion Valley Mall is going to be getting a make-over in the form of a $15 million face-lift beginning in July. Simon Property Group Inc. is spending 14 months getting the mall back into shape and so it should since it’s been around since 1969.
This will be the first time in its history that the mall is getting a major revamp and it will be significant. Look for ‘soft seating’ areas where visitors can relax and socialize, complete interior and exterior renovation of the food court with new furniture and skylights. Greenery around the mall will also be updated with new palm trees and planters, and more soft seating with chairs and couches for visitors to relax and schmooze.
There will also be two new water features built in the Bloomingdale’s and Macy’s courts, new stone tiling and paint, and the mall’s logo, interior graphics and signage will also be updated.
Simon Property Group has full or partial ownership in more than 300 U.S. retail properties. It has owned and managed Fashion Valley since 2001, when it formed a partnership with Lend Lease Prime Property Fund.
The 1.7 million-square-foot Fashion Valley has 200 shops and restaurants including Nordstrom, Neiman Marcus, Bloomingdale’s, Macy’s and JC Penney.
Work is said to be completed by September 2011.
Others that will reap some renovation work include the recent San Diego City Council’s approval for a $200 million redevelopment of the Hazard Center. Once completed, it will add 473 new residential units to the already 14-acre retail and office center at Friars and Frazee roads.
In other short news, Goodwill Industries of San Diego County bought a 31,000-square-foot industrial warehouse building at 5232 Lovelock St., in San Diego, for $3,130,000. The space will be used for sorting and distribution and for the operation of its e-commerce business.
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