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SANTA MONICA, CA-The Macerich Co. plans to spend an average of $300 million to $500 million per year in new developments and redevelopments over the next five to six years, the company said during its quarterly conference call with financial analysts Thursday. Arthur Coppola, president and CEO, said that the yearly expenditures would tend toward the higher end of the figure, with the funds coming from borrowings as well as proceeds from the sale of non-core assets.

Among the developments that Coppola discussed was the shopping-center REIT's plans to redesign its Santa Monica Place mall here. Macerich announced plans for the repositioning some time ago, and has been involved since then with planning the project.

As it stands now, Coppola said that the company is looking at an open-air design for the mall that would connect it to the adjacent Third Street Promenade. The company is also considering options for a Robinson's-May store, which could be redeveloped for several users or for a single specialty department store.