Simon has unveiled plans for the next wave of redevelopment for its Fashion Valley shopping center in San Diego, which will include the addition of 850 multi-family luxury residences by AMLI Residential.
Development of the residential component will begin immediately following JCPenney‘s planned closure at the end of 2025 and is expected to be completed in late 2026. In addition to the luxury apartments, this next phase of development will include 100,000 square feet of new retail space, new dining experiences, more open green spaces and enough parking to accommodate both residents and guests.
“Simon is leading the evolution of today’s retail landscape with the strategic transformation of key properties across the country,” said Mark Silvestri, President of Development at Simon in a statement. “We’re excited about this next phase of Fashion Valley as we continue to reinvest and add a walkable, livable lifestyle community that is intertwined with handpicked luxury brands that can only be found here.”
The residential integration follows a multimillion-dollar revitalization effort that included a new look for the shopping center and the addition of several first-to-market luxury brands, including Dior, Bottega Veneta, David Yurman and Dolce & Gabbana. Additionally, Celine will open in the center in Q2 of 2024; Omega has plans to reopen, with Tudor, Veronica Beard and Zimmermann also joining this year. Christian Louboutin and Fendi are set to follow in 2025.
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Earlier this year, Rolex Boutique Fourtané also doubled its footprint at Fashion Valley, with a custom San Diego-inspired design concept that features multiple private consultation rooms and a two-story exterior facade.
“Fashion Valley is the premier luxury shopping destination for San Diego and its surrounding areas, drawing an affluent shopper base from an exceptionally large trade area, including the greater San Diego region and Mexico,” said Vicki Hanor, Senior EVP and Managing Director of Luxury Leasing at Simon in statement. “Due to this unique positioning and Simon’s continued reinvestment, it attracts some of the most prominent names in luxury and European fashion. This is just the beginning of this exciting new chapter of robust growth as we look forward to welcoming even more iconic names to our growing list of luxury brands you can only find at Fashion Valley.”
Simon also is making similar investments in its Woodbury Common Premium Outlet center in New York, with plans for an additional 155,000 square feet of retail stores and restaurants, a 200-key luxury hotel, a second parking facility and upgrades amenities, including a VIP Suite.
