Phipps Plaza

Phipps Plaza is an upscale shopping and mixed-use complex in the Buckhead district of Atlanta, Georgia. It is positioned beside Lenox Square, another Simon Property Group property, and near the Phipps Tower office building. The center is associated with luxury and premium retail, dining, hospitality, entertainment, and office uses. Its principal retail anchors include Nordstrom and Saks Fifth Avenue, while the broader property has been expanded and repositioned through several major redevelopment cycles. The complex was developed by financier Ogden Phipps and opened in stages between 1968 and 1969. Saks Fifth Avenue began operations on August 12, 1968. The principal two-story mall opened on March 20, 1969, introducing Atlanta to a multi-level shopping format and presenting itself as a leading destination for the American South. Lord & Taylor completed the original anchor lineup when it opened on October 15, 1969. The original cinema opened later that year and was expanded with additional screens during the 1970s. Phipps Plaza changed ownership several times. Wachovia acquired it in 1975 as trustee for the Southern Bell pension fund, and The Equitable Life Assurance Society acquired it in 1985. Equitable undertook a substantial renovation during the early 1990s. The project, completed in 1992, added the Parisian department store as a new anchor, replaced the former three-screen theater site with expanded retail-related facilities, introduced a 14-screen AMC cinema, added an eight-bay food court, improved vertical circulation, and created a third level of shops. Corporate Property Investors acquired the center in 1997. In 1998, Simon DeBartolo Group purchased Phipps Plaza and several other Atlanta-area malls as part of its acquisition of Corporate Property Investors. Simon later updated the anchor and entertainment mix. Lord & Taylor closed in 2004 and was replaced by Nordstrom in 2005. After Belk acquired the Parisian chain, the Phipps Plaza Parisian store was converted to Belk in 2007. The former food court was renovated and reopened in 2012 as a Legoland Discovery Center. Belk closed in 2018, creating an opportunity for a larger mixed-use redevelopment. Simon Property Group demolished the former anchor building and replaced it with a project incorporating a 150-room Nobu Hotel and restaurant, a 300,000-square-foot Class A office tower, a 90,000-square-foot Life Time athletic facility, and a 30,000-square-foot food hall. The hotel and athletic facility opened in 2022. In 2023, the center announced additional luxury and contemporary fashion tenants, including Balmain, Celine, Fendi, Etro, Brunello Cucinelli, Canada Goose, Hermès, and Alexander McQueen. The resulting property combines traditional enclosed-mall retail with luxury shopping, restaurants, hospitality, fitness, entertainment, and commercial real estate.

Phipps Plaza was developed by financier Ogden Phipps as an upscale shopping center in Atlanta's Buckhead district. Its opening was deliberately staged. Saks Fifth Avenue began trading on August 12, 1968. The main two-story mall followed on March 20, 1969, and was described as Atlanta's first multi-level mall. Lord & Taylor opened on October 15, 1969, completing the original department-store lineup. The center's first cinema opened on December 19, 1969, and later expanded from one screen to three during the 1970s. The property entered a period of ownership changes in the 1970s and 1980s. Wachovia acquired it in July 1975 for approximately $8 million while acting as trustee for the Southern Bell pension fund. In 1985, The Equitable Life Assurance Society became the owner. Equitable then carried out a major renovation during the early 1990s. The work cost approximately $140 million and was completed in September 1992, with the remodeled center formally reopening on November 18 of that year. The renovation substantially changed the physical and commercial character of the center. A Parisian department store was added as a third anchor on the site of the demolished three-screen theater. The project also introduced a 14-screen AMC cinema, an eight-bay food court, new elevators, and an additional level of retail space. These changes expanded Phipps Plaza beyond its original department-store format and provided a larger entertainment and dining offer. Corporate Property Investors acquired Phipps Plaza in October 1997. In September 1998, Simon DeBartolo Group acquired the property as part of its approximately $5.78 billion purchase of Corporate Property Investors. The transaction also included Lenox Square and other Atlanta-area malls. Simon later became the property's long-term owner through Simon Property Group. The anchor mix continued to evolve. Lord & Taylor closed in February 2004, and Nordstrom took over the space in March 2005. After Belk acquired the Parisian chain in 2006, the Parisian store was converted to Belk in September 2007. In 2012, the third-floor food court was renovated and reopened as a Legoland Discovery Center, adding a family-oriented attraction to a property otherwise strongly associated with luxury retail. Belk closed on July 31, 2018. Simon Property Group demolished the former anchor building and pursued a major mixed-use redevelopment rather than replacing it with another conventional department store. The plan included a 150-room Nobu Hotel and restaurant, a 300,000-square-foot Class A office tower, a 90,000-square-foot Life Time athletic facility, and a 30,000-square-foot food hall. The hotel and fitness facility opened in 2022, broadening the property into a combined retail, hospitality, wellness, dining, and office destination. In 2023, Phipps Plaza announced a group of luxury and contemporary fashion additions, including Balmain, Celine, Fendi, Etro, Brunello Cucinelli, Canada Goose, Hermès, and Alexander McQueen. The center's architecture remains part of its identity, with mahogany wall treatments, marble floors, glass elevators, chandeliers, and a large carpeted staircase. The property is reported to contain approximately 823,053 square feet of gross leasable area and about 102 tenants, with Nordstrom and Saks Fifth Avenue among its principal anchors.

• 2023

  Luxury tenant additions announced

  [1]Phipps Plazaen.wikipedia.org

  The center announces new or incoming luxury brands including Hermès, Fendi, Celine, Balmain, and Alexander McQueen.

• 2022

  Nobu Hotel and Life Time facility open

  [1]Phipps Plazaen.wikipedia.org

  Two major components of the mixed-use redevelopment begin operations.

• 2018

  Belk closes

  [1]Phipps Plazaen.wikipedia.org

  Belk exits the property, enabling redevelopment of its former anchor site.

• 2012

  Legoland Discovery Center opens

  [1]Phipps Plazaen.wikipedia.org

  The former third-floor food court is renovated and reopened as a Legoland Discovery Center.

• 2005

  Nordstrom replaces Lord & Taylor

  [1]Phipps Plazaen.wikipedia.org

  Nordstrom opens in the former Lord & Taylor space.

• 1998

  Simon DeBartolo Group acquires the mall

  [1]Phipps Plazaen.wikipedia.org

  Phipps Plaza joins the Simon portfolio through the acquisition of Corporate Property Investors.

• 1992

  Major renovation is completed

  [1]Phipps Plazaen.wikipedia.org

  A large renovation adds retail, cinema, food-service, elevator, and circulation improvements and introduces Parisian as an anchor.

• 1975

  Wachovia acquires the property

  [1]Phipps Plazaen.wikipedia.org

  Wachovia purchases Phipps Plaza as trustee for the Southern Bell pension fund.

• 1969

  Main mall and Lord & Taylor open

  [1]Phipps Plazaen.wikipedia.org

  The two-story mall opens in March, followed by the Lord & Taylor anchor in October.

• 1969

  Original cinema opens

  [1]Phipps Plazaen.wikipedia.org

  The single-screen Phipps Plaza Theatre opens in December.

• 1968

  Saks Fifth Avenue opens

  [1]Phipps Plazaen.wikipedia.org

  The first component of Phipps Plaza opens on August 12, beginning the center's staged launch.

An upscale, luxury-oriented shopping and mixed-use destination serving Atlanta's Buckhead district and the wider metropolitan market.

• Retail

  Luxury fashion retail

  Phipps Plaza's most distinctive commercial offer is its concentration of luxury and premium fashion. The center has announced or hosted brands such as Hermès, Fendi, Celine, Balmain, Brunello Cucinelli, Etro, Canada Goose, and Alexander McQueen, alongside established department stores. This tenant mix supports the property's role as one of Atlanta's principal high-end shopping destinations.

• Retail · 1968

  Department stores

  Department-store retail has been central to Phipps Plaza since its opening. Saks Fifth Avenue was the first operating component in 1968, while Nordstrom replaced Lord & Taylor in 2005. These anchors provide broad assortments across apparel, accessories, beauty, footwear, and related premium merchandise.

• Hospitality · 2022

  Nobu Hotel and restaurant

  The Nobu Hotel and restaurant form part of the mixed-use redevelopment of the former Belk site. The 150-room hotel extends the property beyond daytime retail and adds a hospitality and destination-dining component to the Phipps Plaza complex.

• Fitness and wellness · 2022

  Life Time athletic facility

  The Life Time facility is a 90,000-square-foot fitness and wellness component of the redevelopment. Its opening in 2022 added recurring service-based activity and broadened the center's appeal beyond shopping and entertainment.

• Entertainment · 2012

  Legoland Discovery Center

  The Legoland Discovery Center opened in 2012 after the former third-floor food court was renovated. It provides a family-oriented indoor attraction within the shopping complex and diversifies the property's entertainment offer.

• 2023

  Expand the luxury fashion tenant mixStrategy

  Background

  Phipps Plaza continued to emphasize high-end fashion within its repositioned retail and mixed-use environment.

  Action taken

  The center announced additions including Balmain, Celine, Fendi, Etro, Brunello Cucinelli, Canada Goose, Hermès, and Alexander McQueen.

  Aftermath

  The announced additions reinforced the complex's luxury-oriented identity and its role in Atlanta's premium retail market.

  Source

• 2018

  Redevelop the former Belk anchor site as a mixed-use districtStrategy

  Background

  Belk closed on July 31, 2018, leaving a large anchor building and an opportunity to reposition the property for changing retail conditions.

  Action taken

  Simon Property Group demolished the former Belk building and planned a Nobu hotel and restaurant, Class A office space, a Life Time athletic facility, and a food hall.

  Aftermath

  The hotel and athletic facility opened in 2022, expanding Phipps Plaza into a broader mixed-use destination.

  Source

• 2012

  Convert the food court space into a Legoland Discovery CenterProduct launch

  Background

  The center renovated its third-floor food court area as part of an effort to add a family entertainment use.

  Action taken

  The renovated space reopened as a Legoland Discovery Center.

  Aftermath

  The attraction diversified Phipps Plaza's offer beyond luxury shopping and conventional mall dining.

  Source

• 2005

  Replace Lord & Taylor with NordstromGeneration change

  Background

  Lord & Taylor closed its Phipps Plaza location in 2004, leaving a major anchor vacancy.

  Action taken

  Nordstrom opened in the former Lord & Taylor space in March 2005.

  Aftermath

  The change maintained the center's department-store foundation while strengthening its premium retail positioning.

  Source

• 1991

  Undertake a major mall renovationStrategy

  Background

  The property required a substantial update under Equitable ownership as competition and consumer expectations for shopping centers evolved.

  Action taken

  A renovation costing approximately $140 million added a Parisian anchor, a 14-screen AMC cinema, an eight-bay food court, new elevators, and a third level of shops.

  Aftermath

  The remodeled center reopened in November 1992 with a larger retail, dining, and entertainment offer.

  Renovation cost. Approximately $140 million (1991-1992)

  Source

1. 1Phipps Plazaen.wikipedia.org
2. 2Simon Property Group: Phipps Plazasimon.com