Simon Property Group will spend $250M to upgrade three malls, the retail REIT’s first new major renovation plan of 2026.
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Interior and exterior renovations will begin this year at The Mall at Green Hills in Nashville, Cherry Creek Shopping Center in Denver and International Plaza in Tampa, Simon announced Wednesday. The projects are part of a broader redevelopment strategy, with executives looking to create value in its existing portfolio across 2026.
“The bar to buy something, for us, you don’t have to be an Olympic high-jumper, but you have to have more hops in the world,” CEO David Simon said on the firm’s earnings call Monday after markets closed. “We are really excited about our redevelopment pipeline.”
The redevelopment push is focused on a portfolio of properties Simon acquired in November when it bought out shareholders to complete a takeover of Taubman Realty Group. The deal, valued at roughly $900M, gave Simon control of a portfolio of more than a dozen U.S. malls and two luxury retail centers in China.
The first three formerly Taubman-owned properties to get capital injections are slated for modernization upgrades and design enhancements to ensure they continue attracting luxury-oriented customers and brands.
International Plaza, one of Tampa’s largest retail centers, is adding a 50K SF open-air expansion along with an overhaul of existing outdoor storefronts and restaurants. Simon promises to deliver “new design finishes that enrich every guest touchpoint, complemented by upgraded amenities and curated hospitality experiences” to the property.
Simon is planning a complete exterior overhaul of The Mall at Green Hills that will add jewel-box spaces for luxury boutiques and a suite of “upscale interior finishes and architectural enhancements.” Cherry Creek Shopping Center will receive structural updates and storefront upgrades along with the introduction of “modernized flagship spaces.”
“These centers are already top retail destinations in the country,” Eric Sadi, co-president for North American Real Estate, said in a statement. "Our focus is on sharpening their differentiation — through flagship opportunities, elevated design, enhancing the overall guest experience, and creating premier environments where the world's most sought-after brands can thrive."
Shares in Indianapolis-based Simon were trading up more than 2% Wednesday following Monday's positive earnings print that included $3B in fourth-quarter profits.
The mall landlord invested heavily in property enhancements in 2025, spending roughly $1.5B on more than 20 redevelopment projects, Chief Operating Officer Eli Simon said on the REIT’s earnings call. Management expects those investments will contribute roughly $30M to incremental earnings across 2026.
Despite setting the bar high, Simon did make one major acquisition in 2025 that helped make it one of the top retail asset buyers of 2025. It paid $512M to take over the Brickell City Centre mall, a 500K SF destination property in Miami’s financial district that opened in 2016 with Simon as a 25% owner.
“Now that we’ve taken over leasing, we got a lot of great stuff in the works there and an asset that, 10 years from now, will be worth $3B to $4B,” David Simon said on Monday’s call.
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