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…