"We considered building a third center in the market," Michael P. Glimcher, president of the REIT, tells GSR. "But we asked ourselves, why not add to what's already strong? Our two properties in the Dayton area are already number one and two in the market, so we decided to build on that -- literally."

At Fairfield Commons, Glimcher plans to add about 50,000 sf of space in the form of a new row of open-air shops erected against one of the center's wall, giving the new stores a southern exposure. At the Dayton Mall, the addition will be more of a "village setting," according to Michael Glimcher: about 100,000 sf of freestanding retail space clustered together in what's now surface parking for the mall. If all goes according to plan, the two additions will be complete in late 2005 or early 2006.

These two properties currently represent over $450 million of sales in this southwestern Ohio market. The lifestyle expansion project will include retailers as well as restaurants, all of which are at various stages of lease negotiations, according to Michael Glimcher, who declined to give further specifics. However, he did tell GSR that targeted retailers for the expansion include Pottery Barn, Ann Taylor Loft, Chico's, J. Jill, Coldwater Creek, Jared Jewelers, H&M, Apple, Organized Living, Borders and Talbots; and restaurants may include Bravo!, P.F. Chang's, Brinkers and Mitchell's Fish Market.