Simon
to Continue Transformation of
Illustrious
Galleria with Addition of Luxury Hotel and Residences
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Houston, TX – April
2016 / Newsmaker Alert / Simon,
a global leader in retail real estate, announces plans to add a luxury
hotel and residential tower to The Galleria in Houston, building upon the
location’s well-established reputation as the shopping destination of choice
for Houstonians and visitors to the city. The hotel and residences, co-located
in one building, will nestle on the corner of Sage and W. Alabama Streets,
with direct access to shopping and dining at The
Galleria and conveniently near to the office buildings in Houston’s
Uptown District.
“The
Uptown area comprises a very dynamic and unique mix of office, retail,
hotel and residential offerings. The demand for residential space remains
strong. The overall densification of Uptown is a testament to the fact
that our city continues to grow and people want to live and visit this
area. Simon’s commitment to this project speaks to their confidence in
the Houston market and Uptown. This project will be a welcomed addition
to our prestigious area known for fashion, fine dining and luxury living,”
said John Breeding, president of Uptown Houston District.
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The
addition of the luxury hotel and residential building is part of a multi-year
transformation of The Galleria, which began with the creation of a new,
state-of-the-art 200,000 square foot flagship Saks Fifth Avenue store adjacent
to their current location, slated to open this month. Once the new Saks
store is open, Simon will convert the existing Saks store into a new and
vibrant multi-level mall extension. The extension, anchored by Saks Fifth
Avenue on one end and Neiman Marcus at the other, will feature approximately
110,000 square feet of space to house 35 new and unique retailers and several
new restaurants, all opening in 2017. Additional components of the renovation
include the construction of a 14,000 square foot, free-standing retail
building, referred to as ‘The Jewel Box’. Completed in late 2015, The Jewel
Box is now home to The Webster, a luxury fashion boutique that opened in
January 2016, and will add Yauatcha, a Michelin-starred Chinese dim sum
tea house, later this year.
“The
Galleria attracts premiere brands that desire to be part of our enviable
list of retailers and restaurants and take advantage of our strong market
positioning and sales performance,” said David Contis, President of Simon
Malls. “With 30 million domestic and international visitors coming into
The Galleria annually and retail sales among the highest in the nation,
adding a luxury hotel and residential complex with global appeal is the
perfect next step in the evolution of this iconic property.”
Luxury
Transformation
A
comprehensive renovation of The Galleria began in 2015 and includes major
interior enhancements with a light and sophisticated design featuring an
elegant, sleek new color palette. Common area flooring has been upgraded
using white stone with dramatic, polished black granite accents. The improvements
also include elevated lighting, new soft seating, and enhanced interior
landscaping. Several new escalators will be added to improve customer circulation
and visibility. The dining pavilion is also being modernized with upgraded
tile, LED lighting, furniture and a diverse offering of choices to appeal
to every palate. The interior transformation is slated for completion by
the end of 2016.
New-to-Market
Retailers Announced
In
2015, six new luxury tenants joined a list of 75 retailers that can only
be found at The Galleria. La Perla, Tod’s and The Webster have opened,
with Céline, Christian Louboutin and Yauatcha opening in 2016. These
world renowned retailers join an impressive list of leading retailers at
The Galleria including John Varvatos, Tourbillion, Rolex, Trina Turk, Hublot,
St. Laurent, Omega, Top Shop/Top Man, Chanel, Gucci, Bulgari, Versace,
CH Carolina Herrera, David Yurman, Ralph Lauren, Apple and Tory Burch.
About
The Galleria
More
than 30 million visitors each year seek the dynamic, comprehensive, fine
shopping environment uniquely offered by The
Galleria, Texas’ largest shopping center and fourth largest domain
nationally. Spanning 2.4 million square feet of space, housing 400 fine
stores and restaurants, two high-rise hotels, and three office towers,
The Galleria is Houston’s most popular retail and tourist destination,
meeting every budget, style and taste.
About
Simon
Simon
is a global leader in retail real estate ownership, management and development
and a S&P100 company (Simon Property Group, NYSE: SPG). Our industry-leading
retail properties and investments across North America, Europe and Asia
provide shopping experiences for millions of consumers every day and generate
billions in annual retail sales. For more information, visit simon.com.
Contact:
Maria
Weber
Simon
317-263-7191 |