Copley place to get costly redo

13/08/2015
New storefronts,flooring, finishes
Simon Property Group will embark on a major renovation of the retail component of Boston’s Copley Place and prep work for a $500 million expansion that will include a 52-story residential tower and more space for luxury retailers and restaurants at the upscale shopping mall, hotel and office complex.

Interior upgrades that will begin next month, including 16-foot storefronts, are designed for a grander, more modern retail image for tenants including Dior, Burberry, Jimmy Choo, Louis Vuitton and Salvatore Ferragamo.
“The finishes and look of this are really going to match the tenant mix we have,” said Brian Nelson, Simon’s regional vice president of New England. “Copley has been an enduring facility to this point. What’s interesting about that is it’s 30 years old, and it’s never been renovated. We think this is going to carry it forward into the future.”
New flooring, ceiling treatments, glass handrails, updated restrooms, LED lighting, upgraded escalators and a new one in the Neiman Marcus wing will be added.
The entire face of the outside area on Dartmouth Street, between the mall and Tent City apartments, also will be redone.
Copley Place opened in 1983, and Simon’s ownership dates to 2002. It currently has about 370,000 square feet of retail space anchored by Neiman Marcus and Barneys New York.
New retailers set to open are CH Carolina Herrera in August, Moncler in September and Versace next spring. The Tory Burch and L.K. Bennett stores will be expanded, and other upscale retailer announcements are expected in the next few months.
The luxury retail sector is growing, so it’s a good time for Simon to invest in Copley Place, said Leon Nicholas, senior vice president at Kantar Retail in Boston. “All malls get dated, and they have very contemporary brands in there,” Nicholas said.
“The layout itself could use some modernization, the latest mall-based features that are seen in other markets.”
Simon also will add an upscale fast-casual dining component. “We’ve got an 850,000-square-foot office building, and right now we have good restaurants, but limited options,” Nelson said.
The retail renovations and exterior changes are slated to be completed next summer and will be followed with construction of the residential tower with approximately 421 apartments and 121 condos, and 45,000 square feet of more retail and restaurant space.

Fonte:http://www.bostonherald.com/business/real_estate/2015/08/copley_place_to_get_costly_redo

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