The Real Deal Miami

Palm Beach Mall to become fashion outlets

June 09, 2011 03:31PM

The developers buying the struggling Palm Beach Mall are envisioning a high-end fashion outlet center in the property’s future. According to the Palm Beach Post, the joint venture of New England Development and Eastern Real Estate has unveiled its plans for the 1 million-square-foot Palm Beach Fashion Outlets, which would open in 2013. The marketing materials and rendering of the property include department store outlets like Nordstrom Rack, Bloomingdale’s Outlet Store and Neiman Marcus’ Last Call, as well as outlets for the Gap, Old Navy, Ralph Lauren and Nike. In addition, TJ Maxx, Bed Bath & Beyond and the Burlington Coat Factory are also listed. The joint venture is planning to buy the majority of the property from ORIX Capital Markets, which took over after Simon Property Group went into foreclosure there in 2009. The attached Marcy’s and Dillard’s department stores are owned by the retailers themselves, but the developers said they are currently in contract to purchase them. Sources said that in total, New England and Eastern would pay between $30 million and $35 million to take over the mall. [Palm Beach Post]