Simon Breaks Ground on $300M Phipps Plaza Redevelopment in Atlanta’s Buckhead District


Robert De Niro poses with his business partner, Chef Nobu Matsuhisa, at the groundbreaking of the Phipps Plaza redevelopment earlier this week. Nobu Hotels will be opening a 150-room hotel and restaurant at the property.

ATLANTA — Simon Property Group (NYSE: SPG), the owner and developer best known for Class A malls, has broken ground on the $300 redevelopment of Phipps Plaza, an upscale shopping mall located in Atlanta’s Buckhead district.

The project is a redevelopment of the former Belk department store and surface parking space at the 821,000-square-foot, three-story mall. It includes a new, 150-room hotel by Nobu Hotels, a luxury line co-founded by Robert De Niro. The hotel will offer a rooftop pool, spa and a corporate conference center, as well as a Nobu Atlanta Restaurant, a Japanese eatery that will occupy 10,000 square feet.

The redevelopment will also deliver One Phipps Plaza, a 13-story, 350,000-square-foot office building that features a three-story parking garage.

Other components of the project include a 90,000-square-foot Life Time Athletic Center with a rooftop pool, beach club and bistro. The redevelopment will also create an outdoor event venue and communal green space.

“Phipps Plaza has long been a luxury icon in the Southeast and this expansion will further elevate its exceptional position by creating a reimagined destination to live, work, shop, and dine, unlike any other in the region,” said David Simon, chairman and CEO of Simon.

According to The Atlanta Journal-Constitution, the redeveloped property will not feature any new retail stores. The paper also reported that Simon could receive as much as $9.5 million in tax breaks for the project.

Phipps Plaza is home to a 14-screen AMC Theatres, Legoland, Arhaus, Nordstrom and Saks Fifth Avenue.

The Beck Group, a Dallas-based design/build firm, is serving as architect and general contractor for the project. The property is scheduled to open in phases beginning in early 2021.

The stock price of Indianapolis-based Simon closed at $173.11 per share on Thursday, Oct. 18, up from $165.52 per share a year ago.

Taylor Williams and John Nelson

Get more news delivered to your inbox. Subscribe to France Media's twice-weekly regional e-newsletters. Click here.

Related News