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Simon Suspends Construction on Buckhead’s Phipps Plaza Redevelopment
Indianapolis-based Simon Property Group decided to halt construction on Phipps Plaza, a mixed-use redevelopment underway in Atlanta’s Buckhead neighborhood. The move was made to save money during the COVID-19 pandemic that has kept shoppers away from retail centers.
The project is nearing the halfway completion mark on a portion of the luxury mall that formerly housed a Belk department store. The additions include One Phipps Plaza, a 13-story, 350,000-square-foot Class A office building, a Nobu hotel and restaurant, along with a 90,000-square-foot Life Time healthy living and entertainment destination and a dining experience.
The new elements are being integrated into the existing footprint of Phipps Plaza, and are being self-funded by Simon. The company broke ground in fall 2018 and expected to open in phases beginning early next year.
Sources told the Atlanta Business Chronicle the project could resume later this spring, depending on how efforts are going to reduce new cases of COVID-19.
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