Taubman Centers Completes $500M Redevelopment of Los Angeles Mall
LOS ANGELES — Michigan-based Taubman Centers Inc. (NYSE: TCO) has completed its $500 million redevelopment of Beverly Center, an 883,000-square-foot shopping mall in Los Angeles. Bloomingdale’s and Macy’s currently anchor the eight-story property, which is home to more than 100 tenants.
In terms of design, the redevelopment delivered new and expanded floor openings that allow more natural light into the building, as well as an exterior LED lighting system. The property’s street-level landscaping was upgraded, and more open spaces for hosting events were incorporated into the new design. Italian firm Studio Fuksas designed the project.
More than 30 new retail and restaurant tenants have been announced at Beverly Center. Included in the new lineup of retailers are Apple, Brooks Brothers, Kiehl’s, Michael Kors, Polo Ralph Lauren and Zara. Zara will occupy a 28,300-square-foot space, making this location Zara’s largest in Los Angeles.
New dining concepts include sit-down, full-service restaurants like Farmhouse Los Angeles and Yardbird Southern Table & Bar, as well as fast casual eateries such as Eggslut, Coffee Commissary and Pitchoun! Bakery & Café.
“Even before the renovation was complete, traffic and sales productivity materially improved, and the center continues to perform above our expectations,” said William Taubman, COO of Taubman Centers.
“Beverly Center is so much more than a place to shop — it’s a landmark in our city, an anchor in its community, and a destination for Angelenos and people from everywhere,” said Los Angeles Mayor Eric Garcetti. “The reimagining of this landmark will bring a better experience for visitors, deliver new retail and dining to the neighborhood, and create good jobs for workers.”
Beverly Center is located at the edge of Beverly Hills and West Hollywood. When the mall opened in 1982, it featured a 14-screen movie theater, which was the largest number of screens for any multiplex theater in the United States at the time. The theater closed in 2010. Beverly Center was also home to the country’s first Hard Rock Café and housed a food court until 2014.
Taubman’s stock price closed at $53.36 per share on Friday, Nov. 2, up from $46.30 per share a year ago.
— Taylor Williams