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INDIANAPOLIS-Simon Property Group plans to spend $100 million to expand its Fashion Mall at Keystone mall, at 86th Street and Keystone Avenue on the north side. The company will add about 150,000 sf to the 683,000-sf center, which already includes tenants such as Saks Fifth Avenue, Pottery Barn, Tommy Bahama and Williams Sonoma Home, and a Nordstrom that will open in 2008.

The company plans to add 100,000 sf to the second level on the west side the property, where Nordstrom will occupy a two-level, 130,000 sf store. The food court will be moved to the second level. An additional 50,000 sf will be added on the east side, with the Saks, the only one in Indiana. Simon will also build new multilevel parking decks for more shoppers. Construction will begin in 2008.

A Simon spokesman says it’s too early to say who the company is looking to bring to the mall. “It’s a fabulous property,” he says. “Out of 100 stores, about 40% are the only door in Indiana. This center draws people on a regional basis, retailers want to be there.” The property is next to about 2 million sf of office space and a Sheraton Hotel and Suites.

The spokesman would not disclose the vacancy rate at the mall, but said the company’s regional mall occupancy rate is at 92%, sales are at $489 per sf and rents are at an average $36.51 per sf.

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