Valley Fair Mall Progresses, But No New Tenants

The next phase of a $165 million expansion of the Valley Fair mall is expected to be complete within the next year, but owner Westfield America has yet to sign on any new tenants.

Westfield, which announced its second quarter earnings Monday, said the mall’s new 225,000 square-foot Nordstrom store should be done by spring 2001. The mall’s existing Nordstrom is being reconfigured into mall shops and is expected to be complete by spring 2002.

A company source told GlobeSt.com that no new deals have been inked for the existing Nordstrom space.

The project also entails 275,000 square feet of new leasable shop space as well as redevelopment of about 56,000 square feet of existing space. Its first phase – a series of parking structures – was completed in fall 1999.

Westfield said Monday that Q2 FFO were $93.2 million, or 88 cents a share, representing a 6% gain over last year. Sales per square foot have increased 6.7% since the beginning of the year, the company said.