Undeterred by its nasty, ongoing takeover fight with the rival Taubman Co., Simon is giving the property its first makeover since it opened in 1976. Ironically, Simon inherited the property five years ago when it absorbed another major shopping center rival, the Edward J. DeBartolo Corp., Ocean County Mall's original developer.
The property will not be expanded, company officials say, although with more than half of the mall's leases rolling over during the next few years, reworking the tenant mix to make it "more fashionable" is part of the plan. Altogether, Ocean County Mall has 115 smaller tenants, with only one 12,000-sf space currently available.
Ocean County Mall's anchor mix includes Macy's and Sears, both of which own their own buildings and land; Boscov's, which has a ground lease but owns its building; and JC Penney, which, like the 115 smaller tenants, leases its space.
The renovation will go beyond simple cosmetics to include a new ceiling with substantially increased skylighting, new seating areas, new entrances and a children's play area. The project is expected to be completed by mid-fall, in time for the next holiday season.
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