Simon Property Group, the largest mall REIT, is investing $1.5B to redevelop several of its mall properties across the US, adding hotels and apartment buildings.
Simon said the redevelopment effort, which doubles down on the company's strategy of converting mall properties into mixed-use urban villages, will involve construction spread over the next five years.
In a Q1 earnings call, CEO David Simon said the company was initiating redevelopment projects across the US, aiming to create as many as 2,000 residential units.
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