This redevelopment known as the 'black label' included the demolition of the existing Grace Brothers store and redevelopment of Carousel and Bondi Juncton Plaza. Both Grace Bros and Woolworths have closed in preparation for this development whilst David Jones have continued to trade whilst undergoing a facelift which included its CBD version of its food hall which is the first to be established in a suburban store. This development included two levels of shops underground reaching 25 metres below as well as three levels of shops and four levels of parking above ground on both sides of Oxford Street. A 70-metre tunnel and a 12-metre wide 2 storey pedestrian bridge over Oxford Street were also included. The development also included a two food courts one on level 3 known as the 'Terrace Food Court' and the other food court on level 5 with a balcony overlooking the CBD and Eastern Suburbs.