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.

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