Beverly Center Set for $500M Reno

The Beverly Center is an 886,000-square-foot shopping mall in Beverly Hills.

LOS ANGELES— Taubman Centers has announced a plan to completely renovate the Beverly Center, an 886,000-square-foot iconic mall in Beverly Hills. The renovation will modernize every aspect of the center, from the exterior to the interior, and will make the center more pedestrian friendly. The renovation will start this year and will be completed by the holiday season of 2018. “There is a tremendous amount of growth in the L.A. market, and we will take advantage of that growth through the re-imagination of the center,” William S. Taubman , CEO of Taubman Centers, tells GlobeSt.com. “We will continue to offer the strongest mix of luxury, contemporary and fast-fashion retailers under one roof, but will open the center to the dynamic West Third St. neighborhood with incredible street-front dining and a welcoming, pedestrian-friendly environment. Our market positions is like no other and, while it’s a competitive market, we feel best-positioned for the future.” The renovation includes a new exterior with a perforated steel façade, a smart parking system, street-level restaurants and panoramic views throughout the center. To up the ante, skylights will be added throughout the center and a new food court called the Street by Michael Mina will open on the eighth floor. “We picked Studio Fuksas to transform Beverly Center into a great urban space that meets the aspirations of Angelenos and suits the world-class city it calls home,” adds Taubman. “As the anchor to one of the most creative and diverse neighborhoods in the world, our goal is for the center to draw the community together through an ever-evolving retail mix and destination dining, as well as through art, entertainment and other passions that connect people to Los Angeles.” The Beverly Center is the jewel in the investor’s portfolio. Taubman is funding the renovation with on-hand cash as well as cash flow generated each year, and through the company’s 1.1 billion credit line. The nearby Century City Mall is also underway on a major renovation to the tune of $800 million. That project will included a new three-level flagship Nordstrom, a completely remodeled three-level Bloomingdale’s, a new two-level Macy’s and the West Coast’s first Eataly celebrating Italian culture, cuisine, and its most authentic flavors.