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Simon Property to Redevelop Phipps Plaza With Nobu Hotels
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Simon Property Group (SPG - Free Report) recently broke ground at the Phipps Plaza property located in the Buckhead district in Atlanta. The company intends to redevelop this property in association with Nobu Hotels. The move comes as part of the company’s effort to overhaul its portfolio amid e-commerce boom.
Nobu Hotels is a premium name in the hospitality industry and ranks among the 25 most innovative brands in the luxury category. It plans to offer a unique combination of its hotel and restaurant services, which will comprise 150 rooms, a rooftop pool, a spa, and corporate conference space. Further, the company will open a Nobu Atlanta Restaurant on around 10,000 square feet of area, where Japanese cuisine shall be served.
Moreover, Phipps Plaza will be redeveloped as a mixed-use property which will also have a 90,000-square-foot Life Time healthy living and entertainment area. In addition, it will have a 13-story Class A office property, One Phipps Plaza, which will comprise 350,000 square feet of space. The redevelopment will also include an outdoor area for conducting events.
The e-retail sector has been witnessing overwhelming growth, leading to a decline in mall traffic for the retail real estate industry. This has affected a number of real estate investment trusts (REITS), including Kimco Realty Corp. (KIM - Free Report) , Macerich Company (MAC - Free Report) and Taubman Centers, Inc. . To counter this, retail REITs have been undertaking steps to redevelop their properties, in a bid to offer enriching experiences to consumers.
Simon Property has also been continuously making moves to restructure its portfolio through acquisitions and redevelopments. This September, the company inaugurated a premium outlet in Denver. It also aims to develop mixed-use properties which will strengthen its demand in the market.
Its latest redevelopment of Phipps Plaza is part of the company’s strategy. Phipps Plaza is a renowned mixed-use property in the Southeast region that provides a variety of shopping, dining and entertainment options. This redevelopment will likely further fortify the company’s presence in Atlanta. All these initiatives are anticipated to enhance the company’s profitability and augment its growth prospects.
To conclude, Simon Property’s continued efforts to overhaul its portfolio bode well for the long term. The company's share price rose 5.6% over the past year, as against the 12.7% decline recorded by the industry during the same time frame.
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Simon Property to Redevelop Phipps Plaza With Nobu Hotels
Simon Property Group (SPG - Free Report) recently broke ground at the Phipps Plaza property located in the Buckhead district in Atlanta. The company intends to redevelop this property in association with Nobu Hotels. The move comes as part of the company’s effort to overhaul its portfolio amid e-commerce boom.
Nobu Hotels is a premium name in the hospitality industry and ranks among the 25 most innovative brands in the luxury category. It plans to offer a unique combination of its hotel and restaurant services, which will comprise 150 rooms, a rooftop pool, a spa, and corporate conference space. Further, the company will open a Nobu Atlanta Restaurant on around 10,000 square feet of area, where Japanese cuisine shall be served.
Moreover, Phipps Plaza will be redeveloped as a mixed-use property which will also have a 90,000-square-foot Life Time healthy living and entertainment area. In addition, it will have a 13-story Class A office property, One Phipps Plaza, which will comprise 350,000 square feet of space. The redevelopment will also include an outdoor area for conducting events.
The e-retail sector has been witnessing overwhelming growth, leading to a decline in mall traffic for the retail real estate industry. This has affected a number of real estate investment trusts (REITS), including Kimco Realty Corp. (KIM - Free Report) , Macerich Company (MAC - Free Report) and Taubman Centers, Inc. . To counter this, retail REITs have been undertaking steps to redevelop their properties, in a bid to offer enriching experiences to consumers.
Simon Property has also been continuously making moves to restructure its portfolio through acquisitions and redevelopments. This September, the company inaugurated a premium outlet in Denver. It also aims to develop mixed-use properties which will strengthen its demand in the market.
Its latest redevelopment of Phipps Plaza is part of the company’s strategy. Phipps Plaza is a renowned mixed-use property in the Southeast region that provides a variety of shopping, dining and entertainment options. This redevelopment will likely further fortify the company’s presence in Atlanta. All these initiatives are anticipated to enhance the company’s profitability and augment its growth prospects.
To conclude, Simon Property’s continued efforts to overhaul its portfolio bode well for the long term. The company's share price rose 5.6% over the past year, as against the 12.7% decline recorded by the industry during the same time frame.
At present, Simon Property carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
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Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
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