Bloomingdale’s, whose parent company is Macy’s, Inc., will replace the existing Macy’s at Santa Monica Place. The store will close for renovations in February.

Macy’s has remained open during the Santa Monica Place renovation project, but will now undergo renovations for its transformation into Bloomingdale’s, expected to open in 2010.

“The decision by Macy’s, Inc. to introduce Bloomingdale’s at Santa Monica Place reflects the interests of the community,” said Randy Brant, executive vice president for real estate for Macerich Company, which owns Santa Monica Place.

“We’re pleased that the company listened to local shoppers, who consistently voiced their interest in a different, more fashion-forward shopping experience at Santa Monica Place.”

The Macerich Company has been headquartered in Santa Monica for almost 30 years.

The $265 million renovation project has been designed to complement both the Santa Monica area and the beach atmosphere, company officials say.

The design architect for the new Santa Monica Place is the Venice-based Jerde Partnership.

An open-air mall, bounded by Colorado Avenue, Broadway and Second and Fourth Streets, will be more connected to downtown Santa Monica, offering three levels of open-air shopping, signature roof-top dining with ocean views, and featuring an open center court plaza that is elliptical in design, they say.

“We are pleased to be expanding our presence in this very important market,” said Michael Gould, Bloomingdale chairman and chief executive officer. “We believe that Bloomingdale’s distinctive assortments and personalized service will be welcomed in this new venue that is so ideally matched to the Bloomingdale’s customer.”

The mall, built in 1980, was originally designed by architect Frank Gehry, but business began to decline with the advent of the Third Street Promenade businesses and restaurants in the mid-1990s.