SAN JOSE-The $165 million redevelopment of the Valley Fair mall here is progressing on schedule, Westfield America Inc. is reporting today in its third quarter earnings release.

The Los-Angeles-based mall REIT, reporting a healthy quarter, says two new parking structures are open and the new 225,000-sf Nordstrom is under construction, with a planned opening of Spring, 2001. The phase-one development will be followed by the reconfiguration of the existing Nordstrom building into mall shops, which is planned for completion in Spring 2002.

Westfield America, with interest in 39 retail developments, is one of the nation’s largest owners of regional shopping centers. The Valley Fair mall is located in a region loaded with Internet companies and their often wealthy employees. In addition to the new Nordstrom and Macy’s, Valley Fair will feature an additional 275,000 sq. ft. of more fashion-orientated, upscale specialty retail.

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