The first phase would see an existing building torn down and a 160,000-sf building built in its place. Nordstrom would move into the building. After that Nordstrom's building would be demolished and in its place a 200,000-sf outdoor lifestyle building would be constructed. Another 150,000-sf building for another anchor tenant is also planned.

Anchor tenants including JC Penney and the Bon Marche also would take the opportunity to expand, each by around 40,000 sf. If all the projects are completed, Alderwood Mall would hold 1.5 million sf of retail space and be the largest centers in the Puget Sound.

General Growth Properties is headquartered in Chicago. Last week, the publicly traded company filed with the Securities and Exchange Commission to periodically sell up to $2 billion in debt, common and preferred stock and other securities for acquiring new assets and expanding and improving existing ones.