At Frenchtown, the company plans a major upgrade to the 20-year-old mall, starting in early 2009 and finishing by Christmas of that year. A spokesman says the company will undertake a variety of interior and exterior renovations. "We typically go in and, on the interior, add skylights, a new ceiling, floor treatments, things like that to give it more of a 21st century look. At Frenchtown, we're also going to add new offerings such as apparel and food vendors. This takes some time, working out over a period of months, if not years." The occupancy at the mall now is in the '90s, the spokesman says.
He says his company has been in talks with Monroe officials about what they would like to see done at the mall, and especially to dispel hints of a closure. "There were rumors we were going to level it and turn it into condos, but we have absolutely no intention of closing the mall," the spokesman says. The exact cost for the upgrade can't be released, he says.
The expansion at Spotsylvania will be in the "10s of millions," the spokesman says. "We're in discussions with high-end retailers, and just yesterday Coldwater Creek agreed to take up residence there. There are other retailers with space now out for signature. We're slated to be finished with that one by November of this year," he says.
The planning process just started with Millcreek, the spokesman says. "We're still engaged with discussions with local officials about permitting issues. We have big plans for that mall," he says. This would also be a multimillion-dollar project, he says.
The spokesman says the upgrades are considered with a systematic approach, with the needs of a mall being the requirement for upgrades. "We try to achieve controlled growth, not overbuilding or overextending," he says. "We are very cognizant of the difficulties that national chains are having right now, with market conditions and the credit crisis. We're working with them on dealing with that, despite the fact that they've grown conservative, we're continuing to maintain a relationship." The company has more than 34 million sf owned in 50 centers across the country.
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