BOSTON—Construction will begin on the expansion at Copley Place here within nine months, reported Simon Property Group chairman and CEO David Simon at the company's second quarter conference call.
Plans call for the addition of 680,000 square feet of housing in what will be the tallest residential building in Boston, an expansion of Neiman Marcus and additional retail, according to the Boston Redevelopment Authority's website.
“It's not going to overwhelm us, but it's part of our strategy to continue to make our shopping centers the place to be, both from shopping, entertainment, leisure, eating, and then eventually living and spending time on, with respect to the hotel business,” Simon said.
Last week, Macerich Co. opened the first phase of its expansion of Tysons Corner Center, which ultimately will add 1.4 million square feet of office, residential, hotel and more retail to the complex.
"As we launch the exciting mixed-use urban community at Tysons Corner, it is clear this development is one of the premier projects of its kind in the country," said Art Coppola, Macerich chairman and CEO, in the announcement. "This project leverages one of the nation's top-performing retail properties into a sustainable urban community now linked by mass transit with the entire Washington, DC metro area. Already we see a strong positive impact for our retailers, as well as long-term benefits of this smart densification for the entire region."
And Edison Mall in Voorhees, NJ is becoming Voorhees Town Center, with retail space, offices and upscale housing, and developer PREIT is looking at similar conversions.
All three developments are either in a major city or a submarket (Boston, Washington and Philadelphia), and it will be particularly interesting to see how Tysons will do now that the Silver Line of the area Metro system has finally opened, making commuting much easier for Tysons residents. But all three are important tests for a growing population in an increasingly urban country.
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