NEW ORLEANS, La. (AP) — The Howard Hughes Corp. says it will spend $70 million to redevelop the Riverwalk Marketplace in New Orleans as an upscale outlet center.

The company said in a news release Thursday the new facility along the Mississippi River will be called The Outlet Collection at Riverwalk.

Mark Bulmash, a senior vice president, said the mall's footprint will be expanded by 50,000 square feet to a total of 250,000 square feet.

He said it will showcase top retailers with outlet stores as well as local retail, dining and entertainment venues. The company says it will be the first outlet center located in a major metropolitan downtown setting.

Construction is expected to begin later this year with a projected reopening in late 2013.