- Simon Property Group Development Lands 83,000 Square Foot Anchor -
PANAMA CITY BEACH, FL (May 17, 2007) – Simon Property Group, Inc. (NYSE:SPG), the country's largest owner, developer and manager of high quality retail real estate, announced today that JCPenney will build a new 83,000 square foot store and become an anchor at its Pier Park development in Panama City Beach, FL.
The new JCPenney store will incorporate the retailer's latest format and design features to create an easy and exciting place to shop for an outstanding selection of women's, men's and children's apparel, shoes and home accessories. JCPenney offers a wide array of national, private and exclusive brands that reflect the Company's commitment to providing customers with style and quality at a smart price.
JCPenney's store at Pier Park will open with the project in spring 2008. The store will be located at the heart of Pier Park, close to the Town Center, Boardwalk and Front Beach areas.
“Pier Park is destined to become the premier shopping destination for this beautiful and thriving community,” said Michael Dastugue, senior vice president and director of property development for JCPenney, based in Plano, Texas. “The location will provide both new and existing customers with convenient access to all that JCPenney has to offer. We look forward to being part of this outstanding complex.”
“JCPenney is a wonderful addition to the tenant mix at Pier Park,” said Myles Minton senior vice president of development for Simon's Community/Lifestyle Centers division. “I'm sure the wide appeal of their store offerings will be a big hit with our Panama City Beach customers.”
Pier Park is a 900,000 square foot retail and entertainment complex located on 93 acres that covers land from Front Beach Road (at the City Pier) to the heavily-traveled Highway 98 (Back Beach Road). The project is scheduled to open in March 2008 but some retailers including Target, are already open for business at Pier Park. Longhorn
Steakhouse is also currently open. Southern Theatres' 16-screen, 3,300-seat movie theatre and Panera Bread will begin greeting customers this week.
Other exciting retailers and restaurant concepts previously announced as coming to Pier Park include Old Navy, Ron Jon Surf Shop, Jimmy Buffett's Margaritaville, Back Porch Seafood House and Starbucks.
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 $56 billion. Through its subsidiary partnership, it currently owns or has an interest in 323 properties in the United States containing an aggregate of 244 million square feet of gross leasable area in 41 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.