Simon Plans Nashville Lifestyle Center, Buys Another in Charlotte

Simon (Indianapolis), an owner/operator of high-end shopping complexes, has made these two major announcements in recent weeks:

* The REIT has unveiled plans to create Sagefield, a 100-acre luxury lifestyle destination on the southern side of Nashville that will feature first-to-market boutiques and high-profile brands, farm-to-table restaurants and cafes, an organic market, entertainment venues, health and wellness concepts and extensive outdoor spaces. The development will also be home to a luxury hotel with signature restaurants, a world-class spa and a sports/social members club that’s being developed in collaboration with restaurateur and hotelier Sam Fox of Author & Edit Hospitality. A timetable has not been released for Sagefield, which Simon is developing in partnership with Nashville-based Adventurous Journeys (AJ) Capital Partners.

* Simon has acquired Phillips Place in Charlotte, N.C.’s SouthPark neighborhood for an undisclosed price. An open-air retail center spanning 134,000 square feet, Phillips Place is part of a mixed-used destination that’s home to more than 25 retail shops and restaurants, including alice+ olivia, Peter Millar, rag & bone, Ralph Lauren, Veronica Beard, RH Gallery with a Rooftop Restaurant, and The Palm, as well as a 180-plus room hotel, which Simon also owns, and a multifamily residential component. Simon says it plans “elevating the center over time through new offerings, thoughtful merchandising and ongoing investment to reinforce its role as a vibrant community destination.”

In all, Simon owns or has an interest in 254 properties, including 114 traditional malls, 108 premium outlets, 14 Mills centers, 6 lifestyle centers and 12 other retail properties.