Simon to expand King of Prussia Mall
Philadelphia — Simon Property Group announced Tuesday plans to unify the two main shopping venues of King of Prussia Mall, in King of Prussia, Pa., expanding one of America’s most productive and iconic retail destinations.
The project will entail an enclosed multi-level expansion connecting the five-anchor, 1.7 million-sq.-ft. Plaza, and the two-anchor, 902,000-sq.-ft. Court. The 140,000-sq.-ft. expansion will include approximately 40 new retailers, several restaurants, an upscale dining pavilion and customer lounge. The timing of the project coincides with the upcoming 50th anniversary of the center.
"This expansion will not only enhance the shopping experience, providing an enclosed retail and amenity-filled link between the two properties, but also creates much needed additional space to accommodate the demand that exists for this property," said David Contis, president of Simon Malls.
Already underway is a major redevelopment of the center which will convert the former Strawbridge’s building into a home for 10 new retailers in a two-story, 100,000-sq.-ft. space. This redevelopment is set to debut in time for next year’s holiday season.
Steadfast Capital names chief marketing officer
Irvine, Calif. — Steadfast Cos. said that Richard Gann has been hired as chief marketing officer for Steadfast Capital Markets Group, the company’s securities and financial services division.
In the newly created role, Gann will oversee strategic marketing functions to assist in the overall positioning and growth of the Steadfast Income REIT, the company’s $1.65 billion public, non-traded real estate investment trust, as well as future alternative investment programs.
Douglas Development names leasing director
Washington, D.C. — Douglas Development Corp. announced that Joe Ruzecki has joined the real estate company as the new director of leasing.
Most recently, Ruzecki served as senior VP with CB Richard Ellis in Baltimore.