Melvin Simon

Melvin Simon

Melvin Simon, who built a family owned real estate investment company into the largest U.S. shopping-mall owner, died today. He was 82. Simon, chairman emeritus of Simon Property Group Inc. and co-founder, died after a short illness, the company said in a statement. He lived in Indianapolis, where the company is based. Simon formed Melvin Simon & Associates with brothers Herbert and Fred in 1960, the same year it opened its first shopping center in Bloomington, Indiana. The company, renamed Simon Property Group, went public in 1993 in the biggest initial public offering for a real estate investment trust at the time.

“I can think of no one who was more accomplished as a shopping-center developer,” Eli Broad, co-founder of Los Angeles-based homebuilder KB Home, said in an interview. “And he did great things for all the retailers of America by producing these quality shopping centers coast to coast.” Melvin and Herbert Simon stepped down as co-chairmen almost two years ago. Melvin’s son, David, is chairman and chief executive officer of the company, which owns or has stakes in 387 properties with 263 million square feet of space in North America, Europe and Asia. The company has a market value of $20.1 billion.

Starting in the 1970s, Melvin Simon also tried his hand at producing films. He was an executive producer on movies including 1982’s “Porky’s,” and “My Bodyguard” and “The Stunt Man,” both from 1980, according to the Internet Movie Database. A fan of basketball and golf, Simon joined with brother Herb to buy the National Basketball Association’s Indiana Pacers in 1983. Melvin Simon is survived by his wife of 40 years, Bren; his children Deborah Simon, Cynthia Simon Skjodt, David Simon and Tammy McCauley; 10 grandchildren; and his two brothers. Another son, Joshua Max Simon, is deceased.