Indianapolis-based Simon Property Group – owner and operator of The Mall at Green Hills and Opry Mills – announced Thursday that it will partner with Nashville-based Adventurous Journeys (AJ) Capital Partners to develop a local site with a upscale mall. .
A start date of 2023 is targeted.
A statement does not note a specific location but, instead, refers to the center to be located in the “southern high-income area of the market, capitalizing on the region’s phenomenal growth.” Neither Simon nor AJ Capital Partners officials could be reached for comment.
The center will be similar to Simon’s Woodbury Common Premium Outlets in New York and Desert Hills Premium Outlets in California, with exterior-facing entrances as opposed to an enclosed mall. The center will offer approximately 300,000 square feet of retail stores and restaurants.
Similarly, Simon announced updates to its New York and LA facilities, and the resumption of work on Tulsa Premium Outlets, located in Jenks, Oklahoma, and blocked by Covid-19 concerns.
AJ Capital Partners has developed urban sites in Nashville with hotels such as Thompson Nashville, Soho House Nashville and Graduate Nashville and retail spaces such as May Hosiery Co-op and Nashville Warehouse (both in Wedgewood-Houston).
“We are excited to bring these compelling new projects to serve their markets, and they will provide the combination of quality, variety and value that retailers and consumers have come to know and expect from Simon,” david simonSimon chairman, CEO and chairman, said in the statement.
Simon acquired Taubman Centers (the former owner of The Mall at Green Hills) in 2020 for $3.6 billion.