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HOUSTON-MetroNational Corp., a Houston-based real estate firm, is undertaking a $300-million redevelopment of Memorial City Mall. Construction work has just begun on a 300,000-sf Foley’s department store that will replace the mall’s aging Foley’s store. A 140,000-sf Lord & Taylor store, scheduled for completion in 2002, will be a new anchor tenant for the mall.

MetroNational built the 1.3-million sf mall in 1966, developing a strong performer for the west Houston retail market. MetroNational expects to sign at least two more new anchor stores. In addition, there will be a new 1,000-seat food court, carousel, ice skating rink, several new restaurants and a movie theater. A new heavily landscaped entrance to the mall will be built and the exterior will get a complete facelift and decorative lighting.

The mall’s existing anchor stores, Sears, Wards, Mervyn’s and Foley’s will remain, although Foley’s will move into a new location on the property. The new Foley’s, set to open in November 2001, will be one of the largest in the 59-store Foley’s chain, owned by May Department Stores.

The Memorial City Mall is situated on a 100-acre site at the corner of Gessner Road and Interstate 10. Adjacent to the mall, MetroNational has developed a significant amount of commercial space, including more than one million sf of office space, an apartment complex and seniors housing project, The Terrace at Memorial City.”General Growth Properties leases and manages the Memorial City Mall.

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