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

Other improvements the owners will make include landscaping andlighting changes, as well as the addition of a valet parking area.They are also adding a 500-foot stone wall, parts of which will becovered with flowing water, to the property. "The whole look of theWaterside Shops is going to change," says a spokeswoman for thecenter.

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