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Simon Expands Nashville Footprint With Plans for Mixed-Use Center

Simon Property Group has purchased a site in Nashville where it plans to build a mixed-use shopping center, which marks the firm's third investment in the metro area.

Known as Nashville Premium Outlets, it will be located intersection of Interstate 65 and Interstate 840 and is expected to span roughly 325,000 square feet. The preliminary plans call for 75 retailers, a hotel, eateries, and potentially residential units. Furthermore, the retail component is set to include big-box stores.

Simon already operates two properties in the area including Opry Mills (20 restaurants, and 200 stores) and The Mall at Green Hills, which features luxury boutiques and fashion brands.

"We are excited to bring another premier shopping and lifestyle destination to Nashville, one of our country's most dynamic and fastest growing markets," Gary Duncan, Simon's president of Premium Outlets and The Mills, said in a statement.

The move also builds on Simon's 2024 plans, when it expected to spend roughly $800 million on new construction for mixed-use projects, investing in Orange County, Ann Arbor, Boston, Seattle, and Roosevelt Field.

In a CRE traffic analysis, retail was at the top of Moody’s Rating list — with a score of Green 86 (meaning demand outpaces supply growth) over the last five quarters. The demand forecast hit 0.5% and the supply-demand relationship was at 0.2%. Plus, vacancies have remained steady since the second quarter of 2024.

Ground-breaking for Nashville Premium Outlets is set to start in 2026.

Reprinted with permission from the Thursday, 30 January 2025 13:56:36 EST online edition of GlobeSt © 2025 ALM Media Properties, LLC. All rights reserved. Further duplication without permission is prohibited, contact 877-256-2472 or reprints@alm.com.