SYDNEY-The locally-based Westfield Group has opened the first phase of Westfield Sydney, a one-million-square-foot, $1.2 billion redevelopment of three former retail centers. The project, which also includes another 820,000 square feet of office buildings, is expected to be complete in early 2012.

The project integrates three former retail centers: Centerpoint, Imperial Arcade and Skygarden, as well as Sydney Tower and the former Sydney Central Plaza. The center joins three new office buildings on Pitt Street Mall, bordered by Castlereagh and Market streets.

About 130 stores are now open in Westfield Sydney, and another 120 stores will open in the next year, according to the company. The local headquarters of J.P. Morgan is moving into one of 350,000-square-foot office buildings, and the Australian Securities and Investments Commission has moved into another 350,000-square-foot building. Another building is available, though Westfield itself has said it will move its headquarters from 100 William St. to this project.

Steven Lowy, managing director, said the project will set a new standard for shopping centers in the country. “When complete, we believe the center will become one of the iconic downtown retail destinations of the world, with a completed value, including the office precinct, of more than $3 billion,” he said in a statement.

Stores that opened Thursday include Adidas, Nike, General Pants, 100 Squared, Tag Heuer, Guess, Espirit, Gap and DKNY Jeans, Gucci, Hugo Boss, ck Calvin Klein, Little Joe and Zimmerman. Stores that will open in the next year include Borders, JB Hi-Fi, Zara, Prada, Miu Miu, Versace and Christian Louboutin. Restaurants include Cloudy Bay Fish Co. and Eat Deli Kitchen, Charlie and Co. Burgers and Sky Phoenix. David Jones and Myer stores shadow-anchor the site.