Simon Property Group plans to invest more than $250 million to redevelop three of its flagship shopping centers, including International Plaza in Tampa, as part of a broader push to elevate luxury retail environments in high-growth markets.
The announcement was made Feb. 4, following Simon’s full acquisition of the properties from Taubman Realty Group in November.
The transaction gave Simon full management and leasing control of International Plaza, The Mall at Green Hills in Nashville and Cherry Creek Shopping Center in Denver.
“This investment reflects Simon’s focus on strategic redevelopments to create vibrant modern environments that cater to today’s shopper,” said Eli Simon, the company’s chief operating officer.
What Simon plans for International Plaza
At International Plaza, Simon plans a 50,000-square-foot open-air exterior expansion designed to create a walkable outdoor shopping experience showcasing global brands.
The project also includes a reimagined Bay Street with enhanced al fresco dining and gathering space.
READ: TAMPA BAY REAL ESTATE NEWS
Simon said the existing interior will be revitalized with new design finishes, upgraded amenities and curated hospitality experiences across the property.
The company described the work as a comprehensive refresh of Tampa’s largest retail destination rather than a partial renovation.
Tampa’s role in Simon’s broader strategy
International Plaza is one of three luxury-focused assets included in the investment program.
Simon said the strategy centers on strengthening established destinations in markets with sustained growth and strong consumer demand.
READ: TAMPA BAY BUSINESS NEWS
“These centers are already top retail destinations in the country,” said Eric Sadi, co-president of North American real estate. “Our focus is on sharpening their differentiation through flagship opportunities, elevated design, enhancing the overall guest experience and creating premier environments where the world’s most sought-after brands can thrive.”
Similar redevelopment efforts are planned for The Mall at Green Hills, which will undergo a full exterior transformation, and Cherry Creek Shopping Center, where Simon plans architectural updates and storefront upgrades.
Timeline and next steps
Simon said construction is expected to begin in 2026, with tenant announcements to follow as plans advance.
The company did not provide a construction timeline or cost breakdown by property, but said the combined investment across the three centers will exceed $250 million.
By the Numbers
- $250M+: Total investment planned across three shopping centers
- 50,000 sq ft: Planned open-air exterior expansion at International Plaza
- 2026: Expected construction start