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Simon looking at mixed-use potential of all its properties

Simon Property Group is evaluating the mixed-use potential at every one of its existing and soon-to-open projects, executives said during the company's first-quarter earnings call today. The move underscores the trend toward mixing retail with other uses.

The company's first completed mixed-use project will be at South Park Mall, in Charlotte, N.C., where a corner lot near the mall is to contain retail and luxury condos, said CEO David Simon.

Rental car chain Avis has agreed to surrender its lease on a land parcel at Simon's Phipps Plaza, in Atlanta, to make way for luxury condos. At Houston Galleria, meanwhile, Simon is waiting for Federated Department Stores to disclose its intentions for the Macy's store there. Simon says the space represents a great opportunity for residential development. A residential tower is in the works at Copley Place, Boston.

Simon says it is working with condo and multifamily developers to add residences to The Domain, in Austin, Texas; Coconut Point, in Miami; and St. John's Town Center, in Jacksonville, Fla., as well as 15 other retail properties.

General Growth Properties is among the other development firms that have moved toward mixing residential and other uses into their retail projects.

Compiled by the staff of Shopping Centers Today. © May 03, 2005 International Council of Shopping Centers.