Simon Commits to $500M Annual Development Push

Ian Ritter is national online editor for GlobeSt.com/RETAIL.

INDIANAPOLIS-Simon Property Group will spend $500 million annually on development and redevelopments over the next several years, executives said yesterday during their Q4 conference call. And they’re well on their way.

The company currently has six centers under construction: the 785,000-sf Firewheel Town Center in Garland, TX; the 250,000-sf Rockaway (NJ) Plaza; the 1.5-million-sf St. John’s Town Center in Jacksonville, FL; the 385,000-sf Seattle Premium Outlets in Tulalip, WA; the 1.2-million-sf Town Center at Coconut Point in Estero, FL; and the 670,000-sf Wolf Ranch, just north of Austin, TX. Among the centers the company could break ground on this year include projects in Austin and Fort Worth, TX; Panama City, FL; and Tinton Falls, NJ. Internationally, the company has one center under development in Japan, three in Italy and is looking to build more in those countries as well as in France, Germany, Poland and South Korea.