Simon Property To Spend $1.5 Billion Building 2,000 Apartment Units, Hotel Rooms

Simon Property Group, the nation`s largest mall owner, expects to spend roughly $1.5 billion building 2,000 multifamily units and hotel rooms as it looks to add density and expand some of its retail properties in new ways.

The Indianapolis-based landlord estimated it will have construction of the projects completed over a five-year span, CEO David Simon said Tuesday on a first-quarter earnings call. He discussed the real estate investment trust`s pipeline of apartments and hospitality properties while pointing to what he described as the company`s successful redevelopment of Phipps Plaza in Atlanta, a mall that now has a Nobu hotel and restaurant and Life Time fitness center on its site...