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Simon Property to invest $1B in key malls


Simon Property Group will expand several shopping centers in the United States, with plans to invest approximately $1 billion annually in renovations.

The Mills at Jersey Gardens in Elizabeth, N.J., will submit plans for a major expansion, adding approximately 411,000-sq.-ft. of new outlet brands, dining and entertainment to its footprint of more than 200 stores and 1.3 million square feet.Construction on the project will commence in 2016 with a projected grand opening in 2018.

Two mall expansions in Texas will include demolition of the Sears store La Plaza Mall in January 2016 to make way for a newly constructed wing that will accommodate an 80,000-sq.-ft., two-level anchor, two junior anchors, 50 to 60 specialty stores and four to eight restaurants. The property will then expand further with new space between Macy's and JCPenney. This portion of the expansion will add another 20 to 25 shops and several restaurants.

At Cielo Vista Mall in El Paso, a 125,000-sq.-ft. expansion will include an enhanced collection of fine retailers and restaurants. Construction will commence in January 2016.

This summer, Simon will start construction at The Shops at Riverside on a multi-use, multi-level space which will house a variety of retail, restaurant and entertainment concepts including a top floor AMC Theatres movie theater offering. The main floor will be home to a number of new fashion retailers and restaurants, and Pinstripes, an upscale restaurant and entertainment destination, will be on the first level. The opening of the new space is projected for late 2016.

These new announcements come on the heels of a significant expansion that opened May 14 at Simon's Las Vegas North Premium Outlets. This expansion features 25 new stores including Neiman Marcus Last Call Studio and Saks Fifth Avenue Off 5th as well as The Cheesecake Factory.

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