The Howard Hughes Corp. announced Thursday it is spending $70 million to redevelop the Riverwalk Marketplace in New Orleans as an upscale outlet center. The new venture will be called The Outlet Collection at Riverwalk, according to a statement issued by the company.

The mall's footprint will be expanded by 50,000 square feet to a total of 250,000 square feet. 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.