Simon Property Group (Indianapolis) will invest $1 billion to expand and renovate several of its U.S. malls, the company announced in a press release. The updates will be completed sometime in 2016.
The expansions will include the addition of smaller anchor stores as well as non-shopping attractions including theaters and restaurants. Shopping centers targeted for improvements include the Mills at Jersey Gardens in Elizabeth, N.J., which will receive a 411,000-square-foot expansion. Two malls, including La Plaza Mall in McAllen, Texas, and Cielo Vista Mall in El Paso, Texas, will receive facelifts, as well as 80,000- and 125,000-square foot expansions, respectively.
Simon also announced a new development, The Shops at Riverside, a mixed-use development in Hackensack, N.J. Construction of The Shops will begin this summer.
Simon just completed the expansion of its Las Vegas North Premium Outlets. Two of its 25 new tenants include Neiman Marcus' Last Call and Saks Off 5th.