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Introducing Simon v5.0

Simon_2Simon Property Group announced their embrace of the mixed-use format at the recent Smith Barney REIT CEO Conference in Florida. The concept - dubbed Version 5.0 - transforms the notion of a "mall" by incorporating residential, hotel, office and other types of real estate. Shortly thereafter, Simon announced the new St. Johns Town Center in Jacksonville, which will include a Homewoods Suite hotel and three multifamily residential projects.

Simon is no stranger to mixed use projects, given their involvement with the Forum Shops at Caesar's Palace and other locations. What is new, however, is their commitment to mixed use as a major platform for growth, which they call "asset intensification". The combinations of different property types creates new opportunities to re-invent what the shopping experience to the different local audiences: for example, how might an apartment or condominium complex market St. Johns retailers to their own tenants as part of a move-in package? There are many other examples of the possibilities.

Link: Retail Traffic article on Simon 5.0

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