The Mission Valley area of San Diego was once the best place in the county to shop. There were two regional shopping centers and virtually any shop you could think of. As times, and shopping habits, have changed Fashion Valley mall still has managed to keep some upscale tenants but its owner is looking toward the future. Simon Property Group, which owns the mall, is moving forward with the next iteration of what a mall can be by remaking an anchor space into an upscale apartment community. Earlier this week they announced that they will redo the west end of Fashion Valley with 850 luxury residential units, 100,000 square feet of new shops and eateries, and an open-air plaza. The development will replace the JCPenney store and adjacent surface parking areas. According to a recent Union Tribune article, JCPenney will stay open through the 2025 holiday season and construction will begin after that. Grossmont Center in La Mesa is working on a similar concept. Its management team has not released their plans or time line other that to say it will be a mix of residential and retail. With housing at a premium this sounds like a creative way to get more houses in urban areas that need them.
High Inflation Skews Our Perception of a Dollar
