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Simon Property to develop outlet center in Canada

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Indianapolis-based Simon Property Group Inc. said Monday that it will open an outlet shopping center in Ontario. It will be the first of the shopping mall owner's line of Premium Outlets-brand shopping centers in Canada.

Simon and Calloway Real Estate Investment Trust signed a letter of intent to develop the center in Halton Hills, near Toronto.

The companies are in the process of obtaining the municipal approvals and permits required to start building the shopping center next spring.

Simon said the outlet center's location will enable the company to serve more than 6 million residents within an hour's drive.

Simon Property's outlet portfolio is comprised of 69 Premium Outlet Centers, including 57 in the U.S., one in Puerto Rico, eight in Japan, two in South Korea and one in Mexico.

Shares in Simon Property Group fell $1.39 Monday, to close at $113 each.

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  • Hmmm...
    Perhaps Simon should concentrate on their malls here (Washington Square, for example) before worrying about Canada...

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  1. How much you wanna bet, that 70% of the jobs created there (after construction) are minimum wage? And Harvey is correct, the vast majority of residents in this project will drive to their jobs, and to think otherwise, is like Harvey says, a pipe dream. Someone working at a restaurant or retail store will not be able to afford living there. What ever happened to people who wanted to build buildings, paying for it themselves? Not a fan of these tax deals.

  2. Uh, no GeorgeP. The project is supposed to bring on 1,000 jobs and those people along with the people that will be living in the new residential will be driving to their jobs. The walkable stuff is a pipe dream. Besides, walkable is defined as having all daily necessities within 1/2 mile. That's not the case here. Never will be.

  3. Brad is on to something there. The merger of the Formula E and IndyCar Series would give IndyCar access to International markets and Formula E access the Indianapolis 500, not to mention some other events in the USA. Maybe after 2016 but before the new Dallara is rolled out for 2018. This give IndyCar two more seasons to run the DW12 and Formula E to get charged up, pun intended. Then shock the racing world, pun intended, but making the 101st Indianapolis 500 a stellar, groundbreaking event: The first all-electric Indy 500, and use that platform to promote the future of the sport.

  4. No, HarveyF, the exact opposite. Greater density and closeness to retail and everyday necessities reduces traffic. When one has to drive miles for necessities, all those cars are on the roads for many miles. When reasonable density is built, low rise in this case, in the middle of a thriving retail area, one has to drive far less, actually reducing the number of cars on the road.

  5. The Indy Star announced today the appointment of a new Beverage Reporter! So instead of insightful reports on Indy pro sports and Indiana college teams, you now get to read stories about the 432nd new brewery open or some obscure Hoosier winery winning a county fair blue ribbon. Yep, that's the coverage we Star readers crave. Not.

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