![]() Each deal will be assessed individually, Simon stated, and it’s likely to span a period of at least five years, with several expected to start as early as this year.Īccording to Simon, the company is already pursuing permits across the West Coast in California and the Northwest however, pending those outcomes, it will proceed as it sees opportunities arise. ![]() The company is looking to deliver these units through selective joint ventures for certain residential developments, and it may also bring in third-party equity. “Now, that’s not going to happen overnight, but that’s going to happen over the next few years. “We have a residential pipeline that looks really attractive in hotels that are generating really good accretive values of around 2,000 units,” said David Simon, chairman, chief executive officer and president for the company. ![]() However, perhaps the most interesting new announcement was that the company has also identified projects that include roughly 2,000 residential units and hotel rooms. The big announcements for the group included the opening of the West Paris Designer Outlet in Normandy, France, and the restart of construction on an upscale outlet center in Tulsa, Okla., which is projected to open in the fall of 2024. The company reported retailer sales per square foot was $759, an increase of 3.3 percent for the trailing 12 months ended March 31, 2023. On top of that, its tenants did better, as well. Overall, occupancy was 94.4 percent at March 31, 2023, compared to 93.3 percent at March 31, 2022, an increase of 1.1 percent, and base minimum rent per square foot was $55.84 at March 31, 2023, compared to $54.14 at March 31, 2022, an increase of 3.1 percent, Simon reported. The company has implemented various measures to support its tenants and promote the safe reopening of its properties.įor the first three months of 2023, the company reported total revenue of $1.35 billion, which is up just over 4 percent over the first three months in 2022 when it reported revenue of $1.295 billion. The COVID-19 pandemic has significantly impacted Simon Property Group, and many of its retail tenants have struggled with decreased foot traffic and reduced sales. ![]() In a recent, first quarter of 2023 earnings call, the company announced plans to add as many as 2,000 residential and hotel units in an effort to boost profitability and diversify revenues at the company. All of the work was performed after hours or during the weekend to avoid possible interruptions or inconveniences for the building’s occupants.The largest shopping mall operator in the United States, Simon Property Group, which oversees a portfolio of over 200 malls across North America, Europe and Asia, is looking to make some changes at its properties. This problem was quickly resolved, with the help of Bee Access, by redesigning a new parapet clamp that would correctly secure to the buildings architectural design. A traditional parapet clamp would not properly attach to the existing precast. The swing stage setup created several of its own challenges. American Scaffolding Inc integrated ladders and access swing gates to allow safe access to the different tiered levels of the overhead protection. Challenges included creating a safe temporary structure that would not obstruct normal daily activities for the Simon Building’s occupants, while still allowing access to and from the swing stage. was selected by Architectural Glass & Metal Company, Inc to design an overhead protection that would allow people as well as vehicular traffic to continue its normal flow to and from the building’s entrances and exits. Simon is a fully integrated real estate company which operates from five retail real estate platforms: regional malls, Premium Outlet Centers, The Mills, community/lifestyle centers and international properties.Īmerican Scaffolding, Inc. Simon Property Group is one of the largest real estate investment trust in the United States. It is the corporate headquarters of retail real estate giant Simon Property Group. It was completed in 2006 and has 14 floors. Simon Property Group Headquarters is a beautiful high rise in Indianapolis, Indiana.
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