Simon, the nation’s largest owner and operator of retail, entertainment and mixed-used destinations, plans to spend $250 million redeveloping The Mall at Green Hills in Nashville, Cherry Creek Shopping Center in Denver, and International Plaza in Tampa.
The decision to enhance the three malls follows Simon’s acquisition last November of the remaining 12 percent interest in the Taubman Realty Group it didn’t already own, giving Simon 100 percent ownership of Taubman. Now Simon has assumed full management and leasing control of the three malls, which were part of the Taubman portfolio, and is launching a redevelopment strategy aimed at enhancing each center’s offerings. Taubman considers Nashville, Denver and Tampa high-growth markets. Simon’s 100 percent stake in Taubman provides further opportunities for growth. In a nation that’s largely overstored, there’s little room left to build new shopping centers, so mall owners instead have been focusing on modernizing existing properties.
Related Articles
“This investment reflects Simon’s focus on strategic redevelopments to create vibrant, modern environments that cater to today’s shopper,” Eli Simon, chief operating officer, and the son of David Simon, the chairman, chief executive officer and president of Simon. “Fresh off the successful transformation of Southdale Center — which reestablished the nation’s first enclosed mall as Minneapolis’ premier shopping destination with a new luxury wing alongside experiential retail and lifestyle offerings — we are applying the same disciplined curation, design focus, and long‐term investment mindset to these three iconic properties.”
You May Also Like
According to the Simon company, The Mall at Green Hills will undergo “a complete transformation and expansive exterior revitalization featuring grand, two-story flagship statement entrances, jewel-box spaces for luxury boutiques, lush landscaping and elevated arrival moments that usher guests into a reimagined world-class shopping experience. The new exterior will blend with a suite of upscale interior finishes and architectural enhancements. The reinvestment further cements the center as Nashville’s definitive retail destination.”
Southdale Center in Edina, a suburb of Minneapolis, is America’s oldest fully enclosed, climate-controlled mall. It opened in 1956. Over several years and at a cost of about $400 million, Simon added luxury apartments, a hotel, designer and upscale brands including Gucci, Moncler and Burberry, and several restaurants. Also, a JCPenney was leveled and replaced with a Life Time fitness center and co-working space.
Cherry Creek Shopping Center will have “a statement-making redevelopment designed to enhance the guest experience and reinforce its long-standing reputation as the most renowned address for luxury retail. Designed for four-season shopping, the center will introduce modernized flagship spaces, refined architectural updates and upgraded storefronts that create an even more inviting environment for discerning shopping and world-class brands.”
International Plaza, Tampa’s largest retail destination at 1.25 million square feet with an adjacent outdoor “Bay Street” area, will have, according to the Simon company, “a significant redevelopment…with a 50,000-square-foot open-air exterior expansion creating a walkable outdoor shopping experience showcasing global brands, alongside a reimagined Bay Street including an enhanced al fresco dining and gathering area. The existing center will be fully revitalized with new design finishes that enrich every guest touchpoint, complemented by upgraded amenities and curated hospitality experiences.”
“These centers are already top retail destinations in the country,” Eric Sadi, Simon’s copresident of North American real estate, said in his statement. “Our focus is on sharpening their differentiation through flagship opportunities, elevated design, enhancing the overall guest experience, and creating premier environments where the world’s most sought-after brands can thrive.”
Construction on the malls is expected to begin this year though Simon didn’t specify when. New tenants coming to the three malls will be announced, the company added.