For years, consumers have taken buses from Manhattan to a massive outlet mall north of the city for a day of spending. Soon they might be able to spend the night there as well.
Simon Property Group announced plans Wednesday for a major expansion of the Woodbury Common Premium Outlets in Central Valley. The project was one of four revealed by the mall operator for properties across the country.
Simon plans to add 160,000 square feet of development to the shopping center, which draws 13 million annual visitors. The outdoor mall will expand to include more shops and parking, as well as amenities.
The company also plans to add two hotels to the property. Shoppers — including many tourists — often resort to staying at a hotel a drive away or head back to the city. Having lodging on the property could help generate more business for the outlets.
Read more
Commercial
New York
“We kicked the crap out of ‘21”: Largest U.S. mall owner claims comeback
Commercial
New York
Victory! Simon says it has overcome Covid as earnings bounce back
Commercial
New York
Simon Property raises full-year guidance as shoppers return to stores
Simon isn’t known as a hotel developer, although it has some hospitality projects in the works in the Southeast. Simon has teamed up with Marriott International to develop hotels at its retail centers, but it’s not clear who will operate the planned Central Valley hotels.
Construction on the expansion is expected to begin in 2024.
The other developments announced Thursday are in California, Tennessee and Oklahoma.
In Carson, California, Simon and fellow mall owner Macerich are restarting work on a large fashion outlet after years of litigation with the city regarding environmental remediation work. Simon reached an agreement with the city to restart development on the 40-acre site, which was initially slated to open last year.
In Nashville, Simon is planning to begin construction on a 300,000-square-foot outlet next year. Simon is also resuming construction on a 330,000-square-foot outlet mall in Tulsa.
Earlier this year, the nation’s largest mall owner claimed it was in the midst of a comeback after beating earnings and revenue estimates for the fourth quarter. The company’s funds from operations hit almost $4.5 billion last year, topping its pre-pandemic mark of $4.3 billion in 2019 and setting an annual record.
This year “is going to continue to be a transition year, like ’21 was,” CEO David Simon said during a February earnings call. “But we kicked the crap out of ’21.”