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by Annie Johnson

Opry Mills will reopen in 2012 with a recognizable line-up of outlet stores, the owners announced today.
In an on-site press conference today, officials with Simon Property Group (NYSE: SPG) announced that they have reached an agreement with the company’s lenders to finance reconstruction at the mall, which has been closed since the May 2010 flood.

Simon had halted work last year while it pursued litigation against its insurers, claiming they were withholding $150 million in flood coverage, and maintained that construction would not commence while that litigation progressed. Officials said that litigation will not be impacted by the reopening.

Gregg Goodman, president of Simon subsidiary The Mills, said in a news release that a majority of the mall’s tenants should be open by next spring. Goodman would not comment on the timing related to Simon’s decision to reopen the mall and wouldn’t say how much the new construction loan was for.

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