Waterside Shops opens with early leasing
In November 1992, Waterside Shops opened within the Pelican Bay development, offering an open-air plan centered on water features.
The project covered roughly 250,000 square feet and launched with about 85 percent of its space leased, led by Saks Fifth Avenue as anchor.
Early tenants joined Barnes & Noble on the outparcel, surrounding a manmade lagoon lined with stone walkways, palms, and low bridges.
Westinghouse Communities of Naples and the Courtelis Company directed the development after years of planning and permitting.
Their design used shaded paths and plantings to connect the concourses and the reflecting pools that defined the site.
The center's mix of retailers and restaurants opened in phases through late 1992 and early 1993, serving nearby neighborhoods within Pelican Bay.
By the close of its first year, the property operated at high occupancy and became one of the region's main upscale retail destinations.
The open-air format and water design set its tone for the next decade, establishing the framework that later owners and tenants would expand.
New owner steps in, plan takes shape
In 2003, The Forbes Company took over management of Waterside Shops, inheriting a well-leased but aging open-air center.
The new team began planning a modernization that would maintain the water-centered layout while creating room for larger anchors.
The goal was to strengthen the retail mix after the departure of Jacobson's, which had left one wing vacant.
By early 2005, Nordstrom signed a letter of intent to build a two-level store of roughly 80,000 square feet.
Site plans proposed a new concourse connecting the future anchor to the main promenade, integrating it into the landscape of fountains and palms.
Permitting and design work advanced that year, setting the schedule for full construction.
In 2006, initial site work took place near the site of the former Jacobson's, involving grading and selective teardown.
Walkways and utility lines were pushed forward to meet the proposed building line.
The Forbes Company managed the work through its capital plan, weaving new stone finishes and shaded seating into the existing structures.
As the construction area expanded, attention turned to the east side of the property, where Saks would later remodel its store.
By the end of 2006, the redevelopment plan was ready to move into full build-out.
Saks expands as the Nordstrom wing opens
Construction reached its peak in 2007 as Waterside Shops rebuilt its dual-anchor layout, replacing the former Jacobson's with Nordstrom.
Saks Fifth Avenue expanded its store by about 20,000 square feet and upgraded interior finishes while remaining open.
Crews continued foundation work for Nordstrom's two-level structure, connecting it to the rest of the center with a new concourse lined by palms and planters.
Through early 2008, interior build-outs filled the former Jacobson's footprint with smaller stores designed to complement the incoming anchor.
Finishes throughout the public areas were refreshed, and lighting was replaced to brighten the pedestrian routes around the water feature.
Nordstrom opened on November 7, 2008, marking its first full-line store in Southwest Florida.
The opening completed a three-year redevelopment that added roughly 100,000 square feet to the property and reintroduced large-scale department-store traffic.
Retail occupancy climbed as new tenants followed the anchor launch, helping stabilize leasing through the economic slowdown.
With both major stores trading and new infrastructure in place, Waterside Shops entered a long period of steady operation.
The next decade would see brand turnover but few structural changes.
High occupancy and brand churn without shocks
From 2009 through 2019, Waterside Shops stayed near the top of Southwest Florida's outdoor retail market.
The lineup of stores evolved constantly, with global and national brands moving into spots vacated by others.
Tenant renovations were limited to visual touches, preserving the sleek stone surfaces and water edges first added during the earlier update.
Throughout this decade, The Forbes Company remained the day-to-day manager while Taubman acquired a 50 percent ownership stake, forming a joint venture partnership.
This arrangement stabilized investment and kept the property on a consistent maintenance cycle.
Luxury brands became the dominant share of the merchandising plan, as spaces were tailored to smaller boutiques.
Leasing announcements emphasized high-end fashion, jewelry, and home goods, reinforcing the destination's position without major capital projects.
By the end of the decade, occupancy remained high, and public areas were well-maintained.
Visitors continued to cross bridges over the central pool toward Saks and Nordstrom, which anchored both ends of the complex.
Anchor loss during the 2020 store closures
In May 2020, Nordstrom confirmed the permanent closure of its Waterside Shops store as part of a nationwide consolidation affecting sixteen locations.
The decision ended a twelve-year run for the 77,000-square-foot anchor that had defined one side of the center.
The closing left Saks Fifth Avenue as the sole department store on site.
Surrounding boutiques stayed open, though pandemic restrictions reduced foot traffic through much of that year.
Vacant windows were covered, and interior fixtures were removed as the former Nordstrom space was returned to its landlord.
Management focused on maintaining occupancy across smaller tenants while evaluating reuse options for the empty anchor box.
The rest of the property remained operational, with restaurants and retailers adapting hours and service layouts to new conditions.
By year's end, the center was fully reopened but structurally unbalanced, its northern concourse without an active draw.
Planning began quietly for the redevelopment of the vacant parcel, a process that would surface in formal proposals within two years.
Relocations and demolition clear the way
The next active phase began in 2024 as long-standing tenants relocated to make room for redevelopment.
On February 16, Barnes & Noble announced it would move off-site, closing its Waterside Shops store on July 23 after thirty-two years of operation.
The relocation freed one of the site's three large outparcels for new construction.
By midsummer, plans were on file for demolishing the long-vacant Nordstrom building and renovating common areas with updated lighting and tile surfaces.
Construction fencing went up around the anchor parcel, and work crews removed exterior façades.
In late September, demolition began on the Nordstrom structure and the pedestrian bridge linking it to the garage.
Grading followed through autumn, leaving a cleared pad for a future RH gallery.
The new design included a rooftop restaurant and multi-level showroom format, continuing the open-air layout that defines the property.
The center stayed open throughout construction, rerouting visitors along the main promenade.
As 2024 ended, Waterside Shops had three cleared sites ready for the next phase of building approvals.
Approvals, new restaurants, and active build-outs
During summer 2025, city approvals advanced for three major projects tied to the redevelopment program.
An RH gallery was approved for the former Nordstrom parcel, while a new two-story building combining Williams Sonoma and Pottery Barn was planned on the former Barnes & Noble site.
A standalone Eddie V's Prime Seafood received approval for the former bank location.
Construction followed these clearances.
Contractor filings confirmed demolition of the old Bank of America building and active build-out of the Eddie V's structure.
At the same time, the property's online directory listed Dior and Brunello Cucinelli as coming soon, along with notes that Williams Sonoma and Pottery Barn were relocating within the center.
On September 11, Buck & Rider announced it would open a restaurant at Waterside Shops, targeting late 2026 for completion.
The commitment signaled continuing interest from national dining brands despite the construction activity.
By the close of 2025, Waterside Shops remained open but surrounded by cranes and framing work.
The current phase linked the cleared pads of 2024 to a visible reconstruction that would reshape the complex over the following year.