The cost of the project hasn't been released. The existing property will also get a major renovation, according to Robert Spaulding, senior vice president of development for the Indianapolis-based Simon Property Group. Originally constructed in the mid-1970s by the King of Prussia, PA-based Kravco, Quaker Bridge Mall became part of Simon's portfolio in late 2003 when the company bought an 80% share of Kravco Investments, renaming it Kravco Simon Investments. Simon also bought a 50% interest in the Kravco Co., the property management arm, renaming it Kravco Simon Co.

Current anchors of the property are J.C. Penney, Lord & Taylor, Macy's and Sears, and Kravco Simon hasn't disclosed who the two new anchors or any of the new smaller tenants might be. According to Spaulding, however, the goal is to take the tenant mix up a notch.

"Upscale fashion retailers are especially anxious to explore the opportunities at Quaker Bridge," says Spaulding, without revealing any names. "These improvements, both in terms of the expansion and the total renovation, are aimed at moving Quaker Bridge Mall to a new level among retail properties in the tri-state area. The project will also create hundreds of new jobs, both in terms of construction jobs and permanent employment."