Taubman Unveils Plans for $500M Renovation at Beverly Center in Los Angeles
LOS ANGELES — Taubman Centers Inc. (NYSE: TCO) has unveiled plans for a $500 million renovation at Beverly Center, an 886,000-square-foot shopping mall located on Beverly Boulevard in Los Angeles.
Renovations will include new skylights, a new exterior with a perforated steel façade, a state-of-the-art smart parking system and a new streetscape with refreshed landscaping.
Taubman also plans to develop a row of street-level restaurants along West Third Street with an additional valet for quick access to the new dining options.
Upon completion, the center will also feature a refreshed tenant mix and a flexible center court featuring a large LED screen, places to sit and room for exhibitions and installations.
“In re-envisioning Beverly Center, we are looking to create LA’s signature urban shopping and dining experience, as well as an exciting, pedestrian-friendly anchor to one of the most creative and diverse neighborhoods in the world,” says Robert Taubman, CEO and president of Taubman Centers. “The center is a key asset in our portfolio, and after renovation we believe it will become one of the top ten retail centers in the nation.”
The shopping mall opened March 31, 1982, according to Taubman. Sheldon Gordon and E. Philip Lyon originated the project, but the late Alfred Taubman (founder of Taubman Centers) was brought onboard during development. He eventually took over the project and became the principal owner and developer.
The design architect chosen for the renovation is Rome, Italy-based Studio Fuksas. Beverly Center and its tenants will remain open during construction, which is scheduled for completion by the 2018 holiday season.
The center will continue to be anchored by Bloomingdale’s and Macy’s, with additions to the retail lineup to be announced over the course of the project.
The mall is home to over 100 tenants including Apple, Burberry, COS, Dolce & Gabbana, Fendi, Gucci, H&M, Henri Bendel, Jimmy Choo, Louis Vuitton, Saint Laurent and Salvatore Ferragamo.
An estimated 10 dining destinations will be developed during the renovation, including two by Michelin-starred chef, Michael Mina. His first is the multi-concept food hall, THE STREET, located on the center’s eighth floor dining terrace. THE STREET will be designed to look like a bazaar, and will serve offerings from both Chef Mina and approximately 15 to 18 other concepts.
The center’s other new chef-driven and fast-casual restaurants, as well as Mina’s second concept, will be announced in the coming months.
Taubman’s stock price closed on Monday, March 7 at $26.01 per share, up from $24.18 a year ago.
— Katie Sloan