Frank Lowy’s Westfield Corporation today unveiled an $US800 million ($1.09 billion) investment in Los Angeles’ upmarket Santa Monica Boulevard.
The upgrade for Westfield Century City will start late next year, and will add nearly 40,000 square metres to the existing 71,000 square metres of retail and restaurant space.
LA mayor Eric Garcetti joined Westfield co-CEO Peter Lowy at the launch today, lauding the creation of around 10,000 new retail and construction jobs.
“This is exactly the kind of project that energizes our local economy, creates jobs, and inspires confidence in the future of our city,” Garcetti said.
The new centre will also feature tree-lined pathways and “strolling gardens” amongst its 3.2 hectares of open space. Lowy promised it would be “a gorgeous walkable space like no other.
Here are some more of the renderings released today:
LA based interior designer and tastemaker, Kelly Wearstler, will “infuse the design and decor with an authentic Southern California vibe”, Westfield says.
The group also promises to enter the digital era, introducing a “cutting-edge suite of customer-focused apps” to enhance the shopping experience.
While not sharing the exact details just yet, Westfield says the apps will cover parking, dining, accessing premium services and amenities, retailer product promotions and map out digital walking routes to stores.
Here are some of the big numbers:
- Represents an $US800+ million investment in the future of Los Angeles.
- Will be completed in phases, starting late 2016.
- Introduces 39,205 square metres of additional retail and restaurant space to the existing property.
- Will encompass 111,483 square metres of retail space.
- More than 200 luxury, contemporary, and designer brands.
- Offers 3.2ha of open space.
- Doubles available parking to more than 4700 spaces.
- Creates approximately 10,000 new retail and construction jobs.
- Generates an estimated $US1.4 billion economic output.
Century City was first opened in 1964, and has had two redevelopments since, in 1980 and 1991. Westfield Corporation acquired it in 2002.
It has 38 shopping centres across the US.