America’s largest shopping centre owner, Simon Property Group, is revamping three of its properties in key markets.
Simon Property Group will embark on a $250M investment program to improve The Mall at Green Hills in Nashville, Tennessee, Cherry Creek Shopping Center in Denver, Colorado and International Plaza in Tampa, Florida. Construction on the properties is expected to begin this year, with tenant announcements to follow.
Following the full acquisition of Taubman Realty Group in November, Simon has assumed full management and leasing control of the company’s properties and is launching a redevelopment strategy aimed at “enhancing each centre’s offerings in high-growth markets”. In December of 2020, Simon acquired an 80 per cent ownership interest in Taubman.
“This investment reflects Simon’s focus on strategic redevelopments to create vibrant, modern environments that cater to today’s shopper,” said Eli Simon, Chief Operating Officer at Simon. “Fresh off the successful transformation of Southdale Center – which re-established 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.”
The Mall at Green Hills will undergo a “complete transformation” and expansive exterior revitalisation featuring grand, two-storey flagship statement entrances, jewell-box spaces for luxury boutiques, lush landscaping and elevated “arrival moments”, according to Simon. The upgrades will also include upscale interior finishes and architectural enhancements.
Cherry Creek Shopping Center will enter a new phase with a “statement-making redevelopment” designed to enhance the guest experience and reinforce its long-standing reputation as a leading shopping destination in the Rocky Mountain region. Designed for four-season shopping, the centre will introduce modernised flagship spaces, refined architectural updates and upgraded storefronts that create an even more inviting environment.
Finally, International Plaza, Tampa’s largest retail property, will undergo significant redevelopment that will include a 50,000sq ft 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 centre will be fully revitalised with new design finishes complemented by upgraded amenities and curated hospitality experiences, according to Simon.
