NAPLES, FL-Taubman Centers and its partner the Forbes Co. have started the renovation of Waterside Shops at Pelican Bay, a 260,000-sf upscale open-air center here. The companies are adding 78,000-sf of new tenant space in a building that once housed a Jacobson’s department store, adding a second floor to an existing, 45,000-sf Saks Fifth Avenue store and making other improvements to the property.

Company officials say they will complete the renovation of the former Jacobson’s unit next fall, and the Saks addition will be done the following spring. The first tenant to sign on for the redevelopment is Tiffany Co. Besides Saks, Tiffany and about 30 other retailers will join other existing tenants like Bang & Olufsen, Barnes & Noble and Williams-Sonoma. The center was built in 1992 by developer Alec Courtelis in 1992.

Other improvements the owners will make include landscaping and lighting changes, as well as the addition of a valet parking area. They are also adding a 500-foot stone wall, parts of which will be covered with flowing water, to the property. “The whole look of the Waterside Shops is going to change,” says a spokeswoman for the center.

Southfield, MI-based Forbes manages the center and owns the majority of it with a private partner, and Taubman controls a 25% stake. They acquired center late last year from an investment client of ING Clarion. Forbes and Bloomfield Hills, MI-based Taubman co-developed the high-end, 1.2 million-sf Mall at Millenia, in Orlando, which opened in the fall of 2002.

Besides Waterside Shops and Millenia, Forbes owns The Gardens of the Palm Beaches mall in Palm Beaches Gardens, FL. Taubman operates 31 malls in 13 states and is building Northlake Mall in Charlotte, NC, which is scheduled to open in September.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.