Here's the concept drawing released today by Simon Property for its proposal to raze University Mall and redevelop it for mixed use, including perhaps a Target, offices, restaurants and residential high-rises.
Orientation: That's University avenue beginning at the center at the bottom of the sketch and running diagonally up to the right.
We'll have a news release later.
UPDATE: News release on jump.
SIMON NEWS RELEASE
In a presentation this morning before Little Rock’s Midtown Redevelopment Advisory Board, representatives of Simon Property Group, Inc. (NYSE:SPG) presented a vision of a redeveloped University Mall property.
“We strongly believe that the best use for this site is a mixed-use development encompassing retail, residential, medical, office and restaurant components,” said Scott Richardson, senior development director at Simon, the country’s largest owner, developer and manager of high quality retail real estate. Richardson addressed the Advisory Board and also unveiled a rendering of what the revamped University Mall property could look like.
Richardson said he would hope to have leasing discussions in the near future with a large ‘destination tenant’ as well as some other nationally recognized users such as a possible bookstore and health club. The main access road, off of University Avenue, would feature street-front retail with up-front parking and high-end office space located on the second floor above the retail.
As the University Mall area is home to a flourishing medical community, the proposed new mall’s property would also house a five or six-story medical office building with adjacent parking. Two residential towers with a shared, decorative entrance along with covered and deck parking would also be located at the redeveloped University Mall property.
“Midtown is fundamental to Little Rock’s continuing progress and Simon Property Group wants to be a partner in the future of this city,” said Richardson, who added that an economically acceptable deal must be made with the land owners for the redevelopment to come to fruition. “We feel,” continued Richardson, “that a mixed-use center with desirable retail, office and residential space will be an impetus for growth in this thriving area.”
“I am excited to see that Simon has embraced the general principles established by the Midtown Redevelopment Board for the rebirth of University Mall,” said Mayor Jim Dailey. “I believe a mixed-use development is just what Midtown needs. A redeveloped mall will spur growth in the area and bring a new energy to the University Avenue corridor.”
Simon Property Group, Inc., an S&P 500 company headquartered in Indianapolis, Indiana, is a real estate investment trust engaged in the ownership, development and management of retail real estate, primarily regional malls, Premium Outlet Centers® and community/lifestyle centers. The Company's current total market capitalization is approximately $46 billion. Through its subsidiary partnership, it currently owns or has an interest in 286 properties in the United States containing an aggregate of 201 million square feet of gross leasable area in 38 states plus Puerto Rico. Simon also owns interests in 53 European shopping centers in France, Italy, and Poland; 5 Premium Outlet Centers in Japan; and one Premium Outlet Center in Mexico. Additional Simon Property Group information is available at www.simon.com. Simon Property Group, Inc. is publicly traded on the NYSE under the symbol SPG.