Simon Property(SPG) Prnewswire·2024-05-20 12:00Development and Expansion - Simon is reinvesting in Fashion Valley to integrate luxury living, including 850 multi-family luxury residences by AMLI Residential, creating a vibrant and exclusive residential enclave [1] - The project includes 100,000 square feet of new retail space, unique dining experiences, green spaces, and ample parking, enhancing the lifestyle community [2] - Fashion Valley recently completed a multimillion-dollar revitalization, introducing first-to-market luxury brands like Dior, Bottega Veneta, David Yurman, and Dolce & Gabbana [2] - Additional luxury brands, including Celine, Christian Louboutin, and Fendi, are set to open in 2024 and 2025, further elevating the shopping experience [2] - Rolex Boutique Fourtané expanded its footprint with a custom San Diego-inspired design, and Omega plans to reopen, while brands like Tudor, Veronica Beard, and Zimmermann will join in 2024 [3] Strategic Positioning and Growth - Fashion Valley is positioned as the premier luxury shopping destination in San Diego, attracting affluent shoppers from a large trade area, including Mexico [4] - The redevelopment project is expected to begin after JCPenney's closure in late 2025 and be completed by late 2026, marking a new era of sophisticated and convenient living [4] Company Overview - Simon is a real estate investment trust and an S&P 100 company, owning premier shopping, dining, entertainment, and mixed-use destinations across North America, Europe, and Asia [5] - AMLI Residential focuses on developing and managing environmentally responsible luxury apartment communities, with 77 communities and over 26,000 apartment homes, plus 2,900 under development [6] - AMLI is a leader in multifamily sustainability, with 49 LEED-certified and 47 ENERGY STAR-certified communities [7]