Simon Property Group Inc.’s plans for a mixed-use development at King of Prussia (Pa.) Mall are part of a transformation that CEO David Simon likens in concept to a suburban version of Hudson Yards, the enormous office, hotel and residential development underway in Manhattan, reports Bloomberg. King of Prussia’s project will sit on a 17-acre site formerly occupied by a J.C. Penney and its parking lot.

This marks the first time that a significant portion of the site at the nearly 2.8 million-square-foot mall will be dedicated to something other than retail. King of Prussia Mall, one of America’s top-performing centers, opened in 1963. Simon has not confirmed to what uses the site will be put, Bloomberg says.

“I don’t think people appreciate how dynamic these properties are and how they evolve over a long period of time,” Rick Sokolov, Simon’s president and chief operating officer, told Bloomberg.

The addition could boost the mall’s value to $3 billion, from its current value of $2 billion, Simon said at an October conference call with analysts, Bloomberg reported.