Regional mall real estate investment trust Simon Property Group Inc. is planning to invest more than $4.0 billion to revamp certain of its properties.
At its 3 million-square-foot King of Prussia mall near Philadelphia, the company plans to add a class A office building, a hotel, an outdoor plaza and residences.
Simon is also expanding its Sawgrass Mills property in Sunrise, Fla., with the addition of a new open-air plaza with 14 restaurants, as well as a parking deck and hotel.
The company previously outlined plans for a new Nobu hotel and restaurant; a 12-story, class A office building; and other amenities at Phipps Plaza in Atlanta.
The new investment plan also covers the Denver Premium Outlets property in Thornton, Colo., that is set to open in the fall. Simon also introduced a new retail model targeting millennials at its Roosevelt Field property in Long Island, N.Y.
Simon added that it aims to introduce dining outlets such as Shake Shack, Sweetgreen, Little Beet, Mighty Quinn's and Juice Generation at its Westchester property in White Plains, N.Y., and at King of Prussia.
The company also noted that several previously pure-play e-commerce retailers, including Casper, UNTUCKit, Bonobos and Blue Nile, have shown interest in opening stores at various Simon centers.
