SouthPark Mall owner acquires Phillips Place
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Photo: Courtesy of Simon
Simon Property Group, the owner of SouthPark Mall, has acquired Phillips Place, according to a Tuesday announcement from the real estate investment trust.
Why it matters: This is the latest evolution for Phillips Place, the city's first mixed-use development that local developer Lincoln Harris opened in 1997.
Context: Phillips Place, which is on Fairview Road near the mall, has evolved into a high-end retail destination over the years. In 2020, it began a $50 million facelift and began bringing in new tenants.
- The shopping center is roughly 134,000 square feet and includes more than 25 retailers, including Ralph Lauren, Peter Millar and J. Crew. It recently added Winston's Boutique and announced plans in August to open Hill House Home later this year.
- Dining options include RH's rooftop restaurant, Salted Melon and The Palm.
Between the lines: Terms of the deal were not disclosed. Johnny Harris, a prominent local developer, had maintained a majority ownership at Phillips Place when Texas-based The Village Collection became co-owner of the site in 2022, CBJ reported.
Flashback: Simon purchased the Hampton Inn & Suites next to Phillips Place in 2023 for $42 million, CBJ reported. It includes more than 180 rooms.
What's we're watching: Regal Phillips Place movie theater closed to make way for new development that has yet to happen. The 3.65-acre site received rezoning approval in 2022 for a 10-story tower, and the theater has since been demolished.
- Simon did not answer Axios' inquiry about plans for the site.
What they're saying: Simon's plans for Phillips Place include "thoughtful merchandising, continued investment, and ... delivering a distinctive, upscale shopping, dining, and entertainment destination for the community," chief operating officer Eli Simon said in a statement.
Zoom out: Simon has six properties in the Charlotte area, including The Village at SouthPark, Charlotte Premium Outlets and Concord Mills.