US Plays Key Westfield Role

LOS ANGELES-Developments in the US account for more than 40% of the planned future major projects for Australia’s Westfield Group, the company said in a conference call Monday. Westfield, which lists 36 developments and redevelopments under the heading of “future major projects” in its plans, says that 15 of those will be in the US, 15 in Australia and six in the United Kingdom.

The US properties include some that Westfield is already working on and some that have yet to be kicked off. The 15 listed Monday included Belden Village in Canton, OH; Century City Phase II in Los Angeles; Chicago Ridge in Chicago; Fashion Square in Sherman Oaks; Fox Hills in Culver City, CA; Horton Plaza in San Diego; Mainplace in Santa Ana, CA; Montgomery Mall in Bethesda, MD; North County Mall in Escondido, CA; Palm Desert Mall in Palm Desert, CA; Santa Anita Shopping Center in Arcadia, CA; Southgate Mall in Sarasota, FL, University Town Center in San Diego; Valencia Mall in Valencia, CA and West Valley Mall in West Valley, CA.

The largest US project that Westfield has undertaken in the US is the $460 million redevelopment of San Francisco Center, Westfield managing director Peter Lowy said in the conference call. Westfield is working with Cleveland-based Forest City Development on the redevelopment.

Lowy also noted the completed $170 million redevelopment of the Westfield Century City shopping center and the planned second phase. Lowy said the company was especially pleased with the significant upgrading of tenants at the center, which has created “a total transformation of the entire tenancy mix” at the property.

The $350 million redevelopment of the company’s Topanga property, which opened in October, doubled the size of the mall and “for the first time in the US offers Nordstrom, Neiman Marcus and Target under one roof,” Lowy said.

Westfield reported that specialty retail sales in its US properties grew by 5.9% in the third quarter, which was the highest quarterly percentage gain for any of the categories listed in the company’s quarterly results. The next largest was a 5.6% gain in United Kingdom retail sales during the quarter. Westfield’s 121 centers include 59 in the US, 44 in Australia, 11 in New Zealand and seven in the United Kingdom.