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CREDIT: Daryl Peveto/LUCEO for The Wall Street Journal.SLUG: Macerich .ASSIGNMENT ID: 4429..Santa Monica, California, June 24, 2010 - A security guard keeps watch over the sidewalk in front of Nordstrom at the Santa Monica Place mall, which is receiving a $265 million makeover. Located at the end of Santa Monica's bustling Third Street Promenade and just two blocks from the Santa Monica Pier, the open-air mall is in the heart of Santa Monica's shopping district. The 2.5-year effort called for closing the dour, 28-year-old mall in early 2008, stripping it to its steel frame and remaking it as a modern shopping venue with several cutting-edge features. The three-level complex has no roof, reflecting the trend of recent years toward building open-air malls. Its first two levels are populated with a mix of fashion and luxury retailers including Tiffany & Co. and Juicy Couture sprinkled among big-box stores such as Nike and furniture-and-décor seller CB2. The mall will be anchored by Nordstrom and Bloomingdales. Retailers on its ground floor surround an expansive plaza. Santa Monica Place's bigger departure from the typical mall format is its third floor, which will be occupied entirely by restaurants. The collection is anchored by six high-end, chef-helmed eateries including the Ozumo sushi restaurant. Joining them are eight casual eateries and a gourmet market where shoppers can find groceries and meals to go. One of the restaurants' main selling points will be that their patio dining areas offer views of the Pacific....