Scott Jensen, a partner in Feldman Equities, tells GlobeSt.com that plans for the 508,000-sf, 97%-occupied mall include an updated Loews Cinema complex, the creation of a $1.5-million extension for tenant Famous Footwear that will double its size to 10,000 sf and the development of 50,000 sf of pad space along with two new mall entrances. "We have the capability of adding up to 104,000 sf," Jensen said of the site's potential.

The investment group already has started construction on the Famous Footwear extension and the development of periphery pad sites for Thomasville Furnishing, the Fox and Hound Smokehouse Tavern, Arizona Central Credit Union, Compass Bank and a multi-tenant freestanding retail building that will house Chipolte Grill, Starbucks, Baskin Robbins, Subway, 1 Hour Martinizing and Team Mobile. A 4,800-sf Melting Pot restaurant will be added to the mall's interior by the end of the year, Jensen said.

In a separate deal, Feldman Equities also has inked an agreement with Loews to convert several of its 15 screens into full-stadium seating and re-route pedestrian traffic through the mall entrance, rather than through the existing parking lot entrance.

"It's a win-win situation," Jensen said of the theater project. "We think the 'stadiumization' will increase traffic for Loews and a prominent entrance on the inside will increase our mall traffic." Jensen said the investment group also is negotiating with several new tenants and expect to announce added expansion plans later this year.

Larry Feldman, owner and CEO of Feldman Equities, and long-time Arizona partners Jensen, James Bourg and Bruce Ash of Paul Ash Management Co. LLC, picked up the property in 2002 in a $54-million deal with seller, Dallas-based Hillwood, owned by Ross Perot Jr., and joint venture partner, General Electric Capital Corp.

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Repositioned Foothills Mall Now Expanding

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