Mall developer Simon has announced plans to develop 850 luxury apartments at Fashion Valley on the site of the JC Penney store that is closing next year.
“We’re excited about this next phase of Fashion Valley as we continue to reinvest and add a walkable, livable lifestyle community that is intertwined with handpicked luxury brands that can only be found here,” said Mark Silvestri, president of development at Simon.
“This redevelopment marks a new era of sophistication and convenient living in San Diego,” he added.
Simon is partnering with luxury apartment developer AMLI Residential on the Mission Valley development, which will include 100,000 square feet of new retail and dining space. Work is expected to begin in 2025 and be complete by the end of 2026.
Fashion Valley has just completed a multimillion-dollar revitalization to continue to draw shoppers from greater San Diego and northern Baja.
“Due to this unique positioning and Simon’s continued reinvestment, it attracts some of the most prominent names in luxury and European fashion” said Vicki Hanor, senior executive vice president and managing director of luxury leasing for Simon.
The mall recently announced that three first-to-market luxury brands will join the lineup including Celine in 2024, and both Christian Louboutin and Fendi in 2025.
Few details of the planned housing were released, but AMLI described it as a “dynamic living environment — a vibrant, diverse and exclusive residential enclave featuring incomparable amenities and high-end finishes.”
AMLI owns and manages 77 apartment communities, including about 26,000 apartment homes, and has over 2,900 additional units under development at seven new communities.