Although regional malls have had their ups and downs for many years now, real estate investment trust Simon has announced a new initiative demonstrating how many shopping center operators are preparing for the future.
Simon announced a $250 million investment program to rejuvenate three malls in its portfolio: The Mall at Green Hills in Nashville, Cherry Creek Shopping Center in Denver and International Plaza in Tampa. A focus on luxury retail, enhanced dining and enriched amenities indicates Simon sees a future in creating more attractive destinations for affluent consumers who are looking for multi-faceted recreational experiences that include but aren’t limited to shopping.
After completing the full acquisition of the properties from Taubman Realty Group in November, Simon has assumed management and leasing control, and it is launching an extensive redevelopment program.
Simon noted that, according to plan:
- The Mall at Green Hills (pictured above) will experience 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 portals that usher guests into a reimagined world-class shopping environment, Simon stated. The new exterior will blend with a suite of upscale interior finishes and architectural enhancements.
- The Cherry Creek Shopping Center is entering a new phase of operations with a redevelopment designed to enhance the guest experience and reinforce its reputation as a location for luxury retail. The center will introduce modernized flagship spaces, refined architectural updates and upgraded storefronts that create a more inviting domain for discerning shopping and world-class brands.
- International Plaza will get a 50,000-square-foot open-air exterior expansion intended to create a walkable outdoor shopping showcase featuring global brands alongside a remodel of Bay Street, an open-air element of the shopping center, one that will include an enhanced al fresco dining and gathering area. Simon will incorporate design finishes that update guest touchpoints, complemented by luxe amenities and curated hospitality offerings.
“These centers are already top retail destinations in the country,” said Eric Sadi, Simon co-president, North American Real Estate. “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.”
Eli Simon, the company’s COO, added, “This investment reflects Simon’s focus on strategic redevelopments to create vibrant, modern environments that cater to today’s shopper. 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.”
