LAS VEGAS, May 22, 2017 /PRNewswire/ -- With the industry's
largest portfolio of shopping, dining, entertainment and mixed-use
destinations, Simon continues to reinvest in its portfolio to
create premier gathering places at a record pace. Over the past
five years, the S&P 100 company has invested more than
$5.0 billion in development projects
with the expectation of spending approximately $1.0 billion in both 2017 and 2018.
"Our primary focus continues to be investments in our physical
product to enhance our guests' experience," said David Simon, Chairman and Chief Executive
Officer, as the industry meets in Las
Vegas this week for this year's RECon Global Retail Real
Estate Convention. "Nothing is more important to us."
This activity is occurring all over the U.S. In Texas alone, two landmark retail projects and
a sparkling new development are getting the Simon treatment. At the
world-famous Houston Galleria, a comprehensive renovation which
commenced in 2015 will conclude this year. Last year Saks Fifth
Avenue relocated to a state-of-the-art 200,000 square foot flagship
store. In the fall of this year, 35 new stores and restaurants will
open in the former Saks Fifth Avenue space. New retailers slated to
open next month include Sam Edelman,
Cuadra, Soap Secret, Trésor Rare, Ted
Baker, AG Adriano Goldschmied, Lacoste, and Robin's Jean.
New eateries already opening and delighting Galleria patrons
include Yauatcha and Shake Shack with more great names on the
horizon including Nobu and Fig & Olive.
Significant interior enhancements were also made at the Houston
Galleria including the addition of new flooring, enhanced lighting,
luxury soft seating, and lush landscaping. The overall design is
light and sophisticated featuring a sleek new color palette of
black and white. The property's vertical transportation was
redesigned to improve circulation and the food hall will be
transformed with upgraded tile, lighting and furniture, along with
a more compelling offering of dining choices. Also included in the
project is the future addition of a luxury hotel and residential
building.
La Plaza Mall in McAllen is
currently redeveloping the site of the former Sears store, adding
more than 200,000 square feet of space that will contain four
anchors, six restaurants and 25 more specialty shops, all opening
in the fall of 2017. Some of the new retailers include H &M,
Zara, Kendra Scott, and REEDS
Jewelers. New eateries sure to be popular with Rio Grande Valley
residents and tourists include Texas de Brazil and Palenque Grill.
On the banks of the Trinity River just south of booming
Fort Worth's downtown and arts
district, Simon and Cassco Development Co., developer of the
270-acre Clearfork mixed-use
development, have partnered on The Shops at Clearfork, a luxury shopping, dining and
entertainment destination. The Shops at Clearfork's first anchor tenant, Neiman Marcus, opened a cutting edge 90,000
square foot, two-story store in February. In all, The Shops
at Clearfork will be home to 100
luxury, home furnishing and specialty retailers including Louis
Vuitton, Burberry, Tiffany & Co., Mitchell Gold + Bob
Williams, Z Gallerie and Arhaus. Additionally, a mix of 11
new local and national restaurants and entertainment options are
slated to open beginning in fall of 2017 through 2018, including
B&B Butchers & Restaurant, Fixe, Malai Kitchen, Mesero and Luna Grill as well as entertainment options, AMC
Theatres® and Pinstripes, an upscale restaurant and entertainment
venue whose 30,000 square feet will include 12 bowling lanes, six
indoor and outdoor bocce courts, event space accommodating up to
600 guests, and a focus on Italian and American cuisines along with
a rotating menu of craft beers and handcrafted cocktails.
The Shops at Riverside is
northern New Jersey's premier
luxury shopping venue and the second phase of its redevelopment, to
be completed by Holiday 2017, will transform Riverside with a luxury design that reimagines
both the interior and exterior of the property. Interior
enhancements will include: stunning new floor tile throughout; a
grand Bohemian crystal chandelier and water feature located in the
court near Louis Vuitton creating interplay of water and light; and
a new 'sculptural floating stair' in the center court near Omega.
Patrons will immediately notice a refreshed interior design with
the light and airy feel of additional skylights, raised ceilings
and grander retail storefronts. Complementing the
redevelopment is the addition of a new ultra-luxury, nine-screen
AMC theatre featuring the most modern and luxurious appointments.
Included will be full reclining chairs, enhanced food options, and
a place to grab a cocktail.
The third phase of the transformation will be a dramatic
redevelopment of the south entrances adjacent to Bloomingdale's. In addition to hosting an
unrivaled collection of world class shops and restaurants, this
phase will include art that inspires, a VIP lounge to rejuvenate
and a concierge service to attend to a guest's every need.
There is continuing worldwide demand for the outlet shopping
experience and as the largest outlet developer, Simon's Premium
Outlets division is extremely active. Last month the company opened
Siheung Premium Outlets in Seoul, South
Korea, a 452,000 square foot center with more than 200
domestic and international brands and Provence Designer Outlet in
Provence, France with 100 stores
in 269,000 square feet of space. Set to open next month is Genting
Highlands Premium Outlets in Kuala
Lumpur, Malaysia and in the U.S., Norfolk Premium Outlets, a
picturesque project which will offer Hampton Roads residents and tourists 332,000
square feet of outlet shopping.
Construction is underway at Premium Outlet Collection –
Edmonton International Airport.
This much anticipated project is scheduled to open next May and
offer 428,000 square feet of the best value brands to Western Canada shoppers.
Later in the summer, ground will be broken in Thornton, Colorado for Denver Premium Outlets.
The 320,000 square foot center is expected to open in fall 2018,
boasting more than 80 retailers in 320,000 square feet.
Allen Premium Outlets, one of North
Texas' premier shopping destinations, will complete a
dramatic expansion this year and will include an estimated 30 new
specialty retailers. The existing outlets will also be redeveloped
with new features and amenities including updated seating, new
dining options, a new play area, and landscaping and architectural
enhancements. In addition, a 22-acre parcel northeast of the
current shopping center has been rezoned to allow for the future
inclusion of restaurants and hotels. The parcel will also provide
approximately 1,300 parking spaces to accommodate all shopper
parking needs.
A three-year redevelopment project has just wrapped at the
nation's most celebrated value shopping destination, Woodbury
Common Premium Outlets. The redevelopment is highlighted by a
60,000-square-foot addition that expands Woodbury Common Premium
Outlets to 910,000 square feet. Forty new luxury brands such as
Givenchy, Loewe, Marc Jacobs, Rag
& Bone, and Sandro and Maje have been added. Fourteen new
eateries have also been added to the compelling mix of retail and
food in New York's Central
Valley.
In Simon's very productive Mills platform, The Mills at Jersey
Gardens is preparing for a 390,000 square foot expansion which will
add luxury fashion outlets stores, restaurants, outdoor patios and
a 3,300-space, seven-story parking garage slated to begin
construction this summer.
To meet customer demand, construction will begin later this year
at Sawgrass Mills, the iconic South
Florida property, on a third parking deck with capacity for
1,500 cars. The new parking deck is the first of several
developments including an interior renovation of the current center
and a 265,000 square foot expansion and remodel anticipated to open
in the first quarter of 2020. Planning is also continuing on the
neighboring Sawgrass Town Center, an open-air, full-price lifestyle
component that will feature shops, restaurants, and a hotel.
An enviable collection of stores and restaurants have recently
opened at Sawgrass Mills with many more to follow this summer
including Century 21, H & M, Dick's Sporting Goods, and
T.J. Maxx. Opening soon in The
Colonnade Outlets will be Moncler, Etro, Breitling, and lululemon.
Exciting new dining options at Sawgrass Mills include Matchbox
American Kitchen + Spirit, Texas
de Brazil, mojito bar & plates
by Douglas Rodriguez, and Yard House
coming this summer.
About Simon
Simon is a global leader in the ownership
of premier shopping, dining, entertainment and mixed-use
destinations and an S&P 100 company (Simon Property Group,
NYSE: SPG). Our properties across North
America, Europe, and
Asia provide community gathering
places for millions of people every day and generate billions in
annual sales. For more information, visit simon.com.
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SOURCE Simon