A mixed-use Simon redevelopment of Phipps Plaza in Atlanta is set to open in the fall. Construction also continues on other major redevelopment projects, including The Falls (Miami, Florida), Roosevelt Field (Garden City, New York) and Stanford Shopping Center (Palo Alto, California).
“In 2021, we generated record annual operating funds … of nearly $4.5 billion and returned approximately $2.7 billion to shareholders,” said Simon CEO and Chairman David Simon, in a press release.
“We executed over 15 million square feet of leases, completed five major national redevelopments, opened two new international shopping destinations and significantly increased the profitability generated by our other platform investments during the year.
“Our company is focused on creating value through unique and disciplined investment activities that will continue to generate long-term growth in cash flow (funds from operations) and dividends per share.”
Tulsa Premium Outlets LLC purchased 51 acres for the Jenks Project for $12 million.
In the original Economic Development Tax Increase Funding Agreement #2, the City of Jenks agreed to reimburse Simon for certain TIF public improvement projects.
Last year, an economic deal tied to the TIF district of the mall project was allowed to expire, Shrout said.