Simon, a mall and retail real estate operator, has announced plans to enhance several key properties. In doing so, the company emphasized its commitment to continual portfolio enhancement. Across its domestic platforms— malls, premium outlets and The Mills— Simon is redeveloping and expanding properties across the United States, supported by a $1 billion annual investment to enhance and further elevate its assets, the company stated.
The Mills at Jersey Gardens in Elizabeth, NJ will submit plans for a major expansion, adding approximately 411,000 square feet of new outlet brands, dining and entertainment to the 200 stores and 1.3 million square feet already in operation.
In Texas, the demolition of the Sears store in the Rio Grande Valley at La Plaza Mall will pave the way for an 80,000 square foot, first phase expansion, while El Paso’s landmark Cielo Vista Mall will gain 125,000 square feet.
This summer, Simon will start construction at The Shops at Riverside, Hackensack, NJ, adding entertainment operations.
The announcements about enhancements to the New Jersey and Texas sites comes after a significant expansion of Simon’s Las Vegas North Premium Outlets.
“We continue to invest in our properties to improve their market position, enrich the shopping experience and reinforce Simon as the destination of choice for both our shoppers and our retailers,” said David Simon, Simon’s chairman and CEO.