CHARLOTTE, NC-Neiman Marcus has committed to opening an 80,000-sf store at South Park, a 1.3 million-sf super-regional mall here that opened in 1970 and is currently undergoing a renovation and expansion that began in 2001. Mall owner Simon Property Group says the two-level store will open in the fall of 2006.Earlier this year, Simon described the work it was doing at South Park as one of the company’s most significant expansion and redevelopment projects. The largest component of the expansion and renovation was completed in March, when Simon opened a new 153,000-sf Nordstrom, a 60,000-sf Hecht’s expansion, and 50,000 sf of additional small shop space. An additional phase of the redevelopment is under construction that will add Galyan’s (opening in the third quarter of 2004), a food court and two restaurants. Expected gross costs for the South Park redevelopment are $97 million, according to Simon. Headquartered in Indianapolis, Simon is a real estate investment trust engaged in the ownership, development and management of income-producing properties, primarily regional malls and community shopping centers. Through its subsidiary partnerships, it currently owns or has an interest in 246 properties in North America containing an aggregate of 192 million sf of gross leasable area in 37 states plus Canada and Puerto Rico. The Company also holds interests in 48 assets in Europe (in France, Italy, Poland and Portugal).

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.