real estate

Phipps Plaza Announces Major Expansion Including Nobu Hotel, Office Tower

Additional elements include a 90,000 square-foot Life Time® Athletic facility.

UPDATE (April 9, 2018): Simon Spending $6MM+ To Demo Phipps Plaza Belk, Parking Structure

Simon Property Group Tuesday announced a complete overhaul of its Phipps Plaza development in Buckhead.

The luxury mall will be redeveloped into a “premier mixed-use development” headlined by the arrival of a new Nobu Hotel and Nobu Atlanta Restaurant.

Additional elements of new development include a 90,000-square-foot Life Time® Athletic healthy living and entertainment destination, and a 12-story Class A office building, complete with a three-story lower level parking garage.

Construction is slated to commence in 2018 with a phased opening beginning in spring 2020.

These new elements will be completely integrated into the existing footprint of Phipps Plaza, which will continue to be anchored by Nordstrom and Saks Fifth Avenue stores (Belk, which is closing in 2018, is currently the center’s largest tenant.)

Shopping and parking at Phipps Plaza will not be affected during the construction of the project.

“Simon has been an exemplary partner to our city for decades,” Mayor Kasim Reed said in a prepared statement Tuesday.

“This new development project at Phipps Plaza is another example of the company’s ongoing commitment to and investment in Atlanta. As the Buckhead community continues to grow, projects like this will help create greater connectivity to the amenities our residents and visitors want — as well as more opportunities for businesses to thrive.”

Nobu Hotels, founded by Nobu Matsuhisa, Robert De Niro and Meir Teper, will offer 150 rooms, a rooftop pool, corporate conference space, spa facilities, and Nobu Atlanta Restaurant, a 10,000-square-foot Japanese concept.

Life Time will develop one of its signature, resort-like athletic clubs.

The three-level, 90,000-square-foot facility will feature yoga and cycle classes, small group and personal training, a full-service LifeSpa, fast casual LifeCafe, Life Time Kids Academy and a rooftop pool, beach club and bistro.

The project also will incorporate Life Time Work, a subscription-based membership program for individuals and small groups that provides work, meeting, collaboration and social spaces within Life Time Athletic.

Simon has transformed Phipps Plaza in recent years by adding hospitality and residential components including The AC Hotel Atlanta Buckhead and The Domain at Phipps Plaza.