5 Mall Redevelopments Adapting To The Changing Retail Climate
Between one-fifth and one-fourth of American shopping malls will close in the next five years, according to Credit Suisse. As more and more mall-based retailers struggle to stay relevant, many developers are thinking outside of big-box retailers to reinvent centers. Here are a few shopping malls that will be completely redeveloped.
Valley View Center in Dallas, Texas
By 2013, anchors Macy’s, Dillard’s and JC Penney had all closed their doors within this 1970s-era shopping center. Dallas-based Beck Ventures bought the aging center on Dallas’ northern border in 2012 with big plans to redevelop it into a master planned development. This summer, Beck started demolition to make way for the $4B redevelopment that will deliver its first phase in 2019. The mixed-use project will have office, apartments and a hotel. Dallas Midtown will hold onto its retail roots with 400K SF of shopping and entertainment space. Anchors include a Cinépolis movie theater and Life Time Fitness.
Valley Fair Mall in Santa Clara, California
Owner Westfield will pump $1.1B worth of renovations into Valley Fair Mall to create a hotbed of entertainment and shopping. The extensive renovation will add 650K SF with the potential for 160 stores and 10 outdoor restaurants. Two massive anchors — a 60K SF ICON theater and a 160K SF Bloomingdale’s — will deliver in 2018 with full completion by 2019. Like many shopping centers of similar nature, Valley Fair has had a checkered past of anchor tenants moving out. Though Westfield planned the expansion nearly a decade ago, renovations were put on hold during the 2008 crash.
Ballston Common Mall in Arlington, Virginia
The aging mall owned by Forest City will debut $330M worth of renovations in 2018 (though several retailers are open during construction). The mixed-use district will have about 400 units of multifamily and 400K SF of retail. Experiential tenant Punch Bowl Social will combine bowling, karaoke, bocce and cocktails in its 25K SF space. Cooper Carry is designing the renovation of the existing mall and garage, and CallisonRTKL is helping design the newly rebranded Ballston Quarter and will remove two-thirds of the roof to create an open-air center on the Orange and Silver Metro lines.
Woodfield Mall in Schaumbert, Illinois
The largest mall in Illinois will soon get a facelift as owner Simon Property Group makes $14M worth of renovations at the center’s dining pavilion. Simon acquired a 50% stake in the $505M Woodfield in 2013. The shopping mall giant has completed similar renovations in its other properties, such as The Westchester in New York and Roosevelt Field in New York. The Woodfield renovation includes an 820-seat dining area designed around massive windows allowing for natural light. It will open in 2018 with a complete overhaul of the mall’s interior, including lighting, flooring, elevators and paint.
King of Prussia Mall in King of Prussia, Pennsylvania
Just 20 miles outside of Philadelphia, King of Prussia's reputation as a mega-mall is being eclipsed by one as a suburban hub. In 2016, a major expansion connected The Plaza and The Court buildings, creating the largest shopping mall in the U.S. at over 2.7M SF. Since then, owner Simon Property Group has been inking tenants, like Tommy John’s first brick-and-mortar store. Some have argued that the mall is no longer the most important part of the town, which now includes a thriving town center, an active adult community and a KOP rail line.
CORRECTION, AUG. 28, 2:03 P.M. ET: The story has been updated to reflect the division of labor between architects in Ballston Common Mall.