The Short Version

• SimonCRE is advancing a $500 million pipeline of six new open-air retail centers totaling 1.5 million square feet.
• The projects span Arizona, Indiana, Missouri and New Mexico, with tenants like Whole Foods, Sprouts Farmers Market, Target, Burlington, Academy Sports + Outdoors and BJ’s Wholesale Club.
• Founder and CEO Joshua Simon says limited new retail supply, stronger retailer operations and growing capital interest are creating opportunities for ground-up development in select markets.
• The company is focusing on large-format, open-air projects that combine anchors with restaurants, gathering spaces and first-to-market retailers.

SimonCRE’s Pipeline Targets Markets With Unmet Retail Demand

SimonCRE was bucking the trend when it put bulldozers into gear in 2022 for the multiphase Village at Prasada, a 1.3 million-square-foot open-air center in Surprise, Arizona, that delivered in June 2024. “In the 15 years or so since the Great Financial Crisis, it was one of just a couple of centers of that magnitude to be built in the United States,” said SimonCRE founder and CEO Joshua Simon. “Village at Prasada was proof for us that large-format, open-air retail still works when it is done right.”

Ground-up construction of larger retail projects is still relatively rare, but the 60-employee company is building six new open-air centers this year, a $500 million pipeline totaling 1.5 million square feet.

The 2026 Pipeline Spans Arizona, Indiana, Missouri and New Mexico

In Arizona, they are:

• Prasada East, a 98,000-square-foot, Whole Foods-anchored center in Surprise with a tenant lineup that also includes outdoors-focused Paddy O’ Furniture; healthy-cuisine restaurant Flower Child and Barnes & Noble. Construction starts this fall.
• Phase 2 of Asante Trails, which broke ground this past March. Also located in Surprise, it’s an 81,403-square-foot, 15.2-acre retail expansion of the $90 million Asante Trails shopping center within a master-planned community with 15,665 planned housing units. Phase 2 is anchored by Sprouts Farmers Market and a 40,000-square-foot EōS Fitness. Additional tenants include Dutch Bros Coffee and Chase bank. Those join Phase 1’s Brake Masters, Dave’s Hot Chicken, Baskin-Robbins, First Watch, Cava, Dip Nail Bar, Heartland Dental, Jimmy John’s, Verizon, GoodVets, Chipotle and Circle K and its Clean Freak Car Wash.

In Northwest Indiana, SimonCRE broke ground this month on two projects in fast-growing Portage:

• The Landing at Portage, a 250,000-square-foot, 40-acre shopping center with tenants like Target, Burlington and Qdoba. Deals with PetSmart and T.J.Maxx are in late-stage negotiations, as well, according to Simon.
• Airport Crossings, an approximately 150,000-square-foot, 25-acre development anchored by BJ’s wholesale club.

In Farmington, Missouri, SimonCRE broke ground in March on the 316,064-square-foot, 36-acre Farmington Crossings, with tenants like Target, Burlington and Academy Sports + Outdoors. Farmington is a smaller market with about 20,000 people, according to Census data, but it’s underserved by larger-box retail.

In Albuquerque, New Mexico, construction starts this month on Lobo Crossing near the South Campus of The University of New Mexico. The 38-acre, 365,000-square-foot open-air retail destination is the largest property in SimonCRE’s 2026 pipeline. It’s anchored by Target with a lineup that includes Marshalls, HomeGoods, Sierra, Five Below, Boot Barn, Michaels, Skechers and Burlington.

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Limited Retail Supply Is Creating Room for Large-Format Development

SimonCRE has developed and leased more than 5.5 million square feet of retail and other properties across the U.S. The company’s initial focus was on smaller projects, such as triple-net-lease, single-tenant buildings and Walmart store redevelopments. “We slowly graduated to building bigger projects, culminating in the Village at Prasada,” said Simon.

Now, the company focuses on high-growth markets where demand for necessity-based and service-oriented retail has outpaced supply, a bet increasingly supported by capital providers, as noted in J.P.Morgan’s 2026 Commercial Real Estate Outlook. “We’re seeing the strongest valuations in a decade across active shopping centers, excluding regional malls,” observed J.P.Morgan head of real estate banking Burke Davis.

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The still-sluggish pace of retail construction is part of the picture. As noted in a recent CoStar report, U.S. retail construction slowed from approximately 70 million in the first quarter of 2025 to 64.2 million square feet in the first quarter of this year. That was “well below the 10-year average, which consistently exceeded 90 million square feet during the last expansion cycle,” CoStar reported. “Construction volumes now sit near levels last seen in the early stages of the post-pandemic recovery, underscoring the degree to which supply growth has disconnected from demand fundamentals.”

As Simon sees it, today’s best retailers are stronger operators than in the past, having adopted new technologies and sharper growth strategies in the face of challenges like COVID-19. “Today, there is more capital chasing good retail than there is good retail to buy,” the CEO noted.

Why SimonCRE Avoids the Power Center Label

Several centers in the company’s pipeline boast large-format anchors and footprints from 250,000 to 600,000 square feet. But while other U.S. developers are betting on a power center resurgence, Simon describes such assets not as power centers but rather as “large-format, open-air properties.”

His point is that today’s emphasis on placemaking differentiates these projects from their 1990s and early 2000s predecessors. The old development model of “stacking boxes” led to a transactional experience: customers parked, made a purchase and then left, he said. “Yes, you need the box lineup, but what other amenities are you going to have? Is there a gathering spot or patios between buildings? How are you thinking about merchandising the center?”

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Cities Want New Restaurants, Gathering Places and First-to-Market Retail

SimonCRE’s leasing teams are keeping busy. All told, they have signed or are negotiating more than 100 leases and 50 letters of intent across the development pipeline. The list includes Whole Foods, Sprouts Farmers Market, Barnes & Noble, Target, Dick’s Sporting Goods, PetSmart, Hobby Lobby, Michaels, Skechers and EōS Fitness.

“We’re also seeing a lot of cities ask for sit-down restaurants,” Simon noted. “They’re looking for something new that will create an enjoyable experience for people.” Fun fast-casual concepts can fit the bill, as well. One recent example is the toasted-sub restaurant Cheba Hut, which signed at SimonCRE’s 350,000-square-foot, Target-anchored Medina Station in Mesa, Arizona. It boasts a full bar and covered outdoor patio.

First-to-market retailers are in the mix, as well. Simon cites a new Russell Stover coming to Prasada North in Surprise, the chocolatier’s first Arizona location. “For us, it’s not just who can pay the most rent,” the developer said. “It’s really about who is going to be a good operator and create a unique placemaking opportunity.”

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