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Simon Premium Outlets heads into 2015 with 6.4 million sq. ft. in development


Simon Premium Outlets heads into 2015 with 6.4 million sq. ft. in development

New York - Simon Property Group is expanding its Premium Outlets portfolio with a worldwide development pipeline of 6.4 million square feet and a total investment of $2.5 billion.

Currently, construction is underway on four new outlet centers that will open in 2015: Vancouver Designer Outlet, a 242,000 square foot center, will open in May and Gloucester Premium Outlets, serving the greater Philadelphia area, is a 375,000 square foot center that open in August.

Tucson Premium Outlets (366,000 square feet) and Tampa Premium Outlets (441,000 square feet) will open in October.

Also in 2015, Simon is slated to begin construction on five new domestic Premium Outlets, including Columbus, Ohio (355,000 square feet), Norfolk, Virginia (351,000 square feet), Clarksburg, Maryland (392,000 square feet), Tulsa, Okalahoma (318,000 square feet), and Denver, (350,000 square feet).

"Our Premium Outlets portfolio is firing on all cylinders and is the unquestioned standard bearer in the industry," said David Simon, chairman and CEO of Simon. "The pace of our new developments both here and abroad and the significant expansion of our landmark properties are unprecedented and a testament to the strength and quality of both our brand and organization."

New development within Simon's Premium Outlets portfolio continued to accelerate in 2014 with three projects opening in North America (Charlotte, Twin Cities, and Montreal). The properties opened well leased. Since 2012, Simon has also completed expansions at Seattle Premium Outlets, Orlando Premium Outlets – Vineland Ave, and Las Vegas Premium Outlets – South.

International growth continues to be a focus as well. Recently completed expansions include Toki Premium Outlets (Japan), and Paju Premium Outlets (Korea) with expansions underway at Premium Outlets Punta Norte (Mexico), Yeoju Premium Outlets (Korea) and Shisui Premium Outlets (Japan). Construction on new international Premium Outlets is slated to begin in Siheung (Korea) and Genting Highlands (Malaysia).

Currently, Simon operates 84 Simon Premium Outlets in the United States, Puerto Rico, Canada, Japan, Malaysia, Mexico and South America.

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