Nearly 15 million people flock to the Promenade annually, making it one of the region's top shopping and entertainment attractions, but most of them don't venture into Santa Monica Place, according to The Times.

If Macerich were to raze the mall and replace it with 560,000 square feet of new retail space, it would be much better positioned to soak up some of the Promenade's popularity, according to the newspaper.

The Robinsons-May and Macy's department stores that currently anchor Santa Monica Place would be rebuilt on the site and held to two stories under the proposal, according to The Times.

Mixed use developments
Redevelopment