Simon Property Group has completed a two-year, $30
million renovation to what is now called Philadelphia Mills.
The mall owner is now billing the property as the area’s
“largest outlet shopping center,” and totals more than 1.8 million square feet.
By comparison, Simon’s Gloucester Premium Outlets is 375,000 square feet and
the Philadelphia Premium Outlets totals 549,000 square feet.
Simon (NYSE: SPG) has ramped up redevelopment and
expansion projects throughout its portfolio, spending roughly $2 billion at the
end of the first quarter on that work. The company has targeted its three main
property groups — the regional malls, the Mills and Premium Outlets.
Aside from the Philadelphia Mills redevelopment, Simon is
putting the finishing touches on a 155,000-square-foot expansion that will
connect the King of Prussia Mall. Work officially started on the estimated $150
million expansion in November 2014 and is scheduled to be completed in August.
It will take the existing 2.65-million-square-foot mall and bring it to 2.8
million square feet.
Locals had long known Philadelphia Mills as Franklin
Mills. It was constructed in 1989 and Simon became owner of the property when
it bought the Mills Corp. in 2007.
When it launched its renovation of the retail property,
it decided to also change the name. The project involved interior and exterior
improvements and new tenants, such as Express Factory Outlet Store, Steve
Madden, Samsonite, Starbucks and Rack Room Shoes were added to the space.
Source: Philadelphia
Business Journal
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